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Hedge Funds Unite To Press Bankrupt Pg&e For Management Overhaul

by bloomberg.com posted 1month ago 7 views
A group of investors including Knighthead Capital Management LLC, Redwood Capital Management and Abrams Capital Management have formed to press bankrupt utility giant PG&E Corp. for a management overhaul. The hedge funds said in filings late Friday that they’re looking at nominating directors to PG&E’s board and want a say in who the company’s next chief executive officer will be. The funds represent almost 10 percent of PG&E’s outstanding shares, according to the filings.

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