(Reuters) - PG&E Corp, which filed for bankruptcy last month in the wake of potential liabilities from California’s catastrophic wildfires, on Thursday extended the deadline by which investors must file paperwork if they want to install their directors on the board.
Investors will now have until March 1 to nominate director candidates, the utility said in a regulatory filing here early on Thursday only hours before its original deadline was set to expire on Feb. 21.
Last month, PG&E shareholder BlueMountain announced plans to try and unseat all board members, criticizing the company for filing for Chapter 11 protection, a move it called unnecessary and harmful to investors.
The New York-based hedge fund, which owns roughly 8 million shares of PG&E, said last week that it was ready to announce its director candidates by the Feb. 21 deadline.
PG&E promised board changes last week, saying that only five of its current board members would stand for re-election at the May 21 annual meeting.
With a new board and fresh oversight, BlueMountain forecast that the company’s shares could trade at $50 in the future. PG&E’s stock closed up nearly 3 percent at $18.21 on Wednesday.
Reporting by Svea Herbst-Bayliss and John Benny in Bengaluru; Editing by Sriraj Kalluvila