Matt Bigler

PG&E Stock Climbs After Getting $5.5 Billion Loan

Jason Brooks
January 22, 2019 - 3:45 pm

PG&E's beaten-down stock is getting a boost today after disclosing in a securities filing that its received $5.5 billion n debtor-in-possession financing from JPMorgan Chase, Bank of America, Barclays and Citigroup.

The financing will allow the utility to provide sufficient liquidity to fund its ongoing operations and provide service for its customers during Chapter 11 bankruptcy proceedings, which PG&E believes will take up to two years.

The filing says PG&E could also secure a one-year extension to the debtor in financing agreements. 

The possible bankruptcy of the utility providing gas and electricity to Bay Area customers has shaken up California politics

Listen below to KCBS Radio's reporter Jason Brooks' full review of the day's business news.