Bankrupt energy provider PG&E has secured up $34.4 billion in debt financing commitments from banks including JPMorgan Chase for its planned reorganization, according to press reports.
According to Bloomberg, PG&E said the financing terms are "far superior" to a rival proposal from the group led by Elliott Management.
Meanwhile the company confirmed that it has implemented the first phase of a Public Safety Power Shutoff (PSPS) across significant portions of its service area in response to a widespread, severe wind event. A total of 800,000 customers are expected to be impacted by the intermittent shutoffs.