$PCG
PG&E: BlueMountain Capital Management plans to replace entire PG&E Board (12.01)
BlueMountain Capital Management, a private diversified alternative asset management firm, is deeply disappointed that the Board of Directors of PG&E Corporation (PCG) has ignored calls from multiple parties to abandon its reckless and irresponsible plan to file for bankruptcy -- a move that will harm all stakeholders.
"Today's filing is the latest example of how the Board continues to fail the Company, wildfire victims, customers, employees, creditors, shareholders and the people of California. We urge all stakeholders to support change at PG&E and will be proposing a "New Slate" of highly-qualified and impartial directors...Bankruptcy does not eliminate shareholders' corporate governance rights, including, among other things, their ability to nominate and elect directors at annual meetings. We plan to announce a proposed "New Slate" no later than February 21, 2019."
BlueMountain believes a new Board is in the best interest of all PG&E stakeholders.
