PG&E Secures Financing from Four Major Banks Ahead of Filing for Bankruptcy

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financial-markets-wall-street-pge

 

PG&E is securing five-and-a-half-billion dollars in credit and loans ahead of filing for bankruptcy. The utility said in a regulatory filing yesterday it secured financing from four major banks, including Bank of America and JP Morgan Chase. Meanwhile, PG&E’s stock plunged more than 80-percent in the last two months. Also, the S&P dropped its credit rating to junk status after the state’s deadly wildfires.