Replies to post #331347 on Option Millionaires

[uranium-pinto-beans]

$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.

[uranium-pinto-beans]

$PCG

PG&E files for Chapter 11; Seeks court approval to access $5.5 bln in debtor-in-possession financing to support operations and ongoing safety initiatives (12.01)
PG&E and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California.
In conjunction with the filings, PG&E also filed a motion seeking interim and final approval of the Court to enter into an agreement for $5.5 billion in debtor-in-possession (DIP) financing with J.P. Morgan, Bank of America, Barclays, Citi, BNP Paribas, Credit Suisse, Goldman Sachs, MUFG Union Bank and Wells Fargo acting as joint lead arrangers. PG&E expects the Court to act on an interim basis on the DIP motion in the coming days. The DIP financing, when approved, will provide PG&E with necessary capital to ensure essential maintenance and continued investments in safety and reliability for the expected duration of the Chapter 11 cases.
As part of the filings, PG&E also filed various motions with the Court in support of its reorganization, including requesting authorization to continue paying employee wages and providing healthcare and other benefits. In the filings, PG&E also asked for authority to continue existing customer programs, including low income support, energy efficiency and other programs supporting customer adoption of clean energy. PG&E expects the Court to act on these requests in the coming days. PG&E also intends to pay suppliers in full under normal terms for goods and services provided on or after the filing date of January 29, 2019