January 28, 2019
(Reuters) – Shares of power producer PG&E Corp jumped on Monday after a report by Bloomberg News that said an investor group had offered the company a $4 billion alternative plan that would avoid bankruptcy, CNBC reported 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)