February 25, 2020 / 10:44 PM / a month ago

PG&E plans to raise up to $25.68 billion by selling securities

FILE PHOTO: Employees of Pacific Gas & Electric (PG&E) work in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018. REUTERS/Terray Sylvester

(Reuters) - California power producer PG&E Corp said on Tuesday it plans to raise up to $25.68 billion by selling securities, as it works its way out of the bankruptcy process.

The company is restructuring amid Chapter 11 proceedings, while trying to bounce back from the negative publicity after its equipment in California was blamed for the deadly wildfires.

PG&E needs to exit bankruptcy by June 30 to participate in a state-backed fund that would help power utilities cushion the hit from wildfires. (bit.ly/2PER7wH)

Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta

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