July 24, 2019 / 12:01 PM / a month ago

PG&E insurers offer to swap claims for equity in Ch. 11 plan

A group of insurers with more than $20 billion in claims against PG&E Corp on Tuesday unveiled a reorganization plan for the bankrupt power producer in which they take a loss in a settlement but get new equity in the company.

The group of so-called subrogation claim holders, which also includes the Baupost Group hedge fund, outlined their plan in a filing in U.S. Bankruptcy Court in San Francisco in a motion seeking to terminate the period in which PG&E has the exclusive right in its bankruptcy to file a reorganization plan.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2y6DKfl

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