PG&E Raises $5.5 Billion to Near Bankruptcy Exit

California-based utility PG&E (NYSE: PCG) filed for bankruptcy protection in January 2019 after a series of wildfires left it with potential liabilities estimated at $30 billion. In a Securities and Exchange Commission (SEC) filing, it says it has now raised approximately $5.5 billion as it gets closer to exiting Chapter 11 bankruptcy as soon as next week.

The utility issued over 423 million shares of common stock priced at $9.50 per share, which is a 2.4% discount to Thursday's closing price. Including an underwriters option to purchase additional shares, proceeds amount to $4.365 billion. Additionally, the company received approximately $1.3 billion in proceeds from a sale of equity units, before related expenses.

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Source Fool.com