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PCG

PG&E

$9.62

-1.64 (-14.56%)

05:24
12/17/19
12/17
05:24
12/17/19
05:24

PG&E announces amendment to restructuring support agreement

PG&E and Pacific Gas and Electric announced that they have entered into an amendment to the Restructuring Support Agreement among the company and certain representatives of the wildfire victims in order to reaffirm the parties' continued support of the $13.5B settlement. The amendment to the Tort Claimants RSA eliminates the provision that would automatically terminate the Tort Claimants RSA if the Governor of California advises PG&E that its Chapter 11 Plan does not, in his sole judgment, comply with Assembly Bill 1054 and the Plan is not modified in a manner acceptable to the Governor by December 17. The parties intend to proceed with the Tort Claimants RSA approval hearing before the Bankruptcy Court on December 17. The company fully intends to comply with the provisions of AB 1054 and will continue to address the concerns in the letter to the company from the Governor dated December 13. PG&E has been engaged in constructive dialogue to address those concerns with the common objectives of having PG&E be safe, sound and financially stable upon emergence from Chapter 11. PG&E expects this dialogue to continue.

  • 07

    Jan

PCG PG&E
$9.62

-1.64 (-14.56%)

11/12/19
SBSH
11/12/19
NO CHANGE
Target $5
SBSH
Sell
PG&E may offer both cash and stock to to TCC, says Citi
Citi analyst Praful Mehta notes that PG&E looking to offer the Tort Claimants Committee $13.5B, as reported yesterday by Bloomberg, would be the same amount that the bondholders have offered. It may be possible that PG&E offers a combination of cash and stock to the TCC to limit the size of the rights offering, Mehta tells investors in a research note. The value at which these shares are issued will also be a question, adds the analyst. He believes PG&E's total equity raise would be $27B, assuming holdco debt financing capacity of $4B. The analyst assumes a pro forma stock price of $4.80 per share with rights at $3.90 per share. Mehta keeps a Sell rating on PG&E with a $5 price target.
11/19/19
SBSH
11/19/19
NO CHANGE
Target $5
SBSH
Sell
PG&E filing shows reduced financing commitment, says Citi
PG&E filed an 8-K highlighting a redo of its financing commitments, Citi analyst Praful Mehta tells investors in a research note. The filing included a lower financing commitment of $12B versus $14B earlier, with $7.4B secured to date, adds the analyst. He believes the reduced commitment could reflect concern from some investors. Mehta reiterates a Sell rating on PG&E shares with a $5 price target.
12/11/19
SBSH
12/11/19
NO CHANGE
Target $10.5
SBSH
Buy
Citi boosts PG&E target to $10.50, says no chance of zero stock price now
Citi analyst Praful Mehta raised his price target for PG&E to $10.50 from $5 saying the company's settlement with the Official Committee of Tort Claimants likely dealt a "fatal blow" to the bondholder plan and the zero stock price scenario. The shares closed Tuesday up $1.14 to $12.32. The bondholder plan's primary leverage was their deal with the Committee of Tort Claimants, Mehta tells investors in a research note. Without that leverage, he sees a "very low likelihood" of Judge Montali rejecting the settlement and keeping the two competing plans alive. The analyst, whose new $10.50 price target is based on the latest settlement, keeps a Sell rating on PG&E.
12/16/19
SBSH
12/16/19
NO CHANGE
Target $10.5
SBSH
Sell
PG&E shareholder risk elevated after governor pushback, says Citi
Citi analyst Praful Mehta says risks to investing in PG&E are "clearly up" after California Governor Gavin Newsom rejected the company's plan to pay Northern California wildfire victims and exit bankruptcy. The Governor said, "I do not expect that the post-confirmation board will include the current directors." This is going to be very tough to meet, contends Mehta, who notes that Newsom is also looking for safety metrics and an enforcement mechanism. The best case scenario from a shareholder perspective is $3B-$4B more equity while getting an agreement with the Governor and California Public Utilities Commission, Mehta tells investors in a research note. The worst case is that the bondholder plan is back in and the zero dollar share scenario is back on the table, adds the analyst. He sees "no easy options" and reiterates a Sell rating on PG&E with a $10.50 price target.

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