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Pg&e Is Near Deal With Hedge Funds On Ceo, Board Overhaul

by bloomberg.com posted 4months ago 20 views
PG&E Corp., the bankrupt California power giant facing $30 billion in wildfire liabilities, is nearing a deal with a group of investors that includes naming Bill Johnson as chief executive officer and overhauling its board, according to people familiar with the matter. PG&E is nearing an agreement with the group -- consisting of Knighthead Capital Management, Redwood Capital Management and Abrams Capital Management -- to hire Johnson, the outgoing CEO of the federally operated power agency Tennessee Valley Authority, said the people, who asked not to be identified because the matter is private.

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