PG&E Shares Continue to Fall in After-Hours Trading, Now Down Almost 30%
10 Oktober 2019 - 1:15AM
Dow Jones News
By Stephen Nakrosis
Shares of PG&E Corp. (PCG) are continuing to fall sharply in
Wednesday's after-hours session, after a judge opened the door to a
rival's chapter 11 plan for the embattled company.
PG&E is also dealing with the impact of having to cut power
to around 800,000 businesses and households in Northern California
as it tries to reduce the threat of wildfires.
At 6:43 p.m. ET, shares of PG&E had lost 29.42%, to trade at
$7.75. Volume in the late session topped 2.9 million shares.
The company's shares had finished the day's regular trading
session with a 0.73% gain, to close at $10.98.
Judge Dennis Montali of the U.S. Bankruptcy Court in San
Francisco stripped PG&E of the sole right to propose a chapter
11 plan, clearing the way for a rival chapter 11 plan from Elliott
Management and other bondholders.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 09, 2019 19:00 ET (23:00 GMT)
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