February 1, 2019 / 2:12 AM / 3 months ago

Judge allows power provider PG&E to start tapping bankruptcy loan

A judge on Thursday approved a motion by California power provider PG&E Corp to immediately tap $1.5 billion of the $5.5 billion in financing it has lined up for the early rounds of its Chapter 11 bankruptcy, overruling objections by the U.S. trustee.

Lynette Kelly, a lawyer for the federal government’s bankruptcy watchdog, argued at a hearing in U.S. Bankruptcy Court in San Francisco that it was not clear PG&E needs access to the funds right away.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2TqSwXd

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