January 28, 2019 / 4:52 PM / 19 days ago

Shares of PG&E jump on report of investor group offer

FILE PHOTO: PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo

(Reuters) - Shares of power producer PG&E Corp jumped on Monday after a Bloomberg News report said an investor group had offered the company a $4 billion alternative plan that would avoid bankruptcy, according to a CNBC report 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.

(This story corrects attribution in headline)

Reporting by Arundhati Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar

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