PG&E Shares Down Almost 30% in Thursday's Market
10 Oktober 2019 - 7:46PM
Dow Jones News
By Stephen Nakrosis
Shares of power company PG&E Corp. (PCG) are trading lower
in Thursday's market, continuing a trend which began after the bell
Wednesday, after a judge opened the door to a rival's chapter 11
plan for the embattled company.
At 1:08 p.m. ET, shares of the company were trading 28.69% lower
at $7.83. Volume was very heavy, with over 31.6 million shares
trading, above the company's 65-day average volume of some 9
million.
Year to date, shares have lost over 67%.
On Wednesday, 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.
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.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 10, 2019 13:31 ET (17:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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