FILE PHOTO – Employees of Pacific Gas & Electric (PG&E) work in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018. REUTERS/Terray Sylvester
(Reuters) – California utility owner PG&E Corp (PCG.N) is in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings, a sign the company’s Chapter 11 filing preparations are intensifying in the wake of potentially staggering liabilities from wildfires, people familiar with the matter said on Sunday.
PG&E Corp is in touch with large banks about so-called debtor-in-possession financing that could total between $3 billion and $5 billion, though the exact figure remains in flux and could end up being higher, the sources said.
PG&E Corp declined to comment.
Reporting by Mike Spector and Liana B. Baker in New York; Editing by Jeffrey Benkoe