Shares of PG&E jump on report of investor group offer

Shares of PG&E jump on report of investor group offer

(Reuters) - Shares of power producer PG&E Corp jumped on Monday after a Bloomberg News report said an investor group had offered the company a $4 billion alternative plan that would avoid bankruptcy, according to a CNBC report https://www.cnbc.com/2019/01/28/pge-shares-rise-15percent-following-report-of-4-billion-plan-to-avert-bankruptcy-stock-halted.html on Monday.

PG&E said this month it plans to file for Chapter 11 bankruptcy protection after coming under pressure from potentially crushing liabilities linked to California's wildfires in 2017 and 2018.

PG&E shares were last higher by 4.8 percent after rising as much as 15 percent earlier.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)

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Updated Date: Jan 29, 2019 00:06:16 IST

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