PG&E Shares Down Almost 30% in Thursday's Market

   By Stephen Nakrosis 
 

Shares of power company PG&E Corp. (PCG) are trading lower in Thursday's market, continuing a trend which began after the bell Wednesday, after a judge opened the door to a rival's chapter 11 plan for the embattled company.

At 1:08 p.m. ET, shares of the company were trading 28.69% lower at $7.83. Volume was very heavy, with over 31.6 million shares trading, above the company's 65-day average volume of some 9 million.

Year to date, shares have lost over 67%.

On Wednesday, Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco stripped PG&E of the sole right to propose a chapter 11 plan, clearing the way for a rival chapter 11 plan from Elliott Management and other bondholders.

PG&E is also dealing with the impact of having to cut power to around 800,000 businesses and households in Northern California as it tries to reduce the threat of wildfires.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

October 10, 2019 13:31 ET (17:31 GMT)

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