Judge OKs $5.5B Financing Package for PG&E

A bankruptcy judge has approved a $5.5 billion financial lifeline to help PG&E restructure its business despite objections from victims of the wildfires that drove the utility into insolvency.

The “debtor-in-possession” financing from lenders including JPMorgan Chase Bank, Bank of America, Barclays Bank, and Citigroup Global Markets will enable PG&E to continue operating during the Chapter 11 bankruptcy process.