PG&E shares spike as it moves closer to bankrupcty exit

The embattled California utility registered the best session since October.

Pacific Gas and Electric shares registered the best session since October after the company took a key step to exit bankruptcy.

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TickerSecurityLastChangeChange %
PCGPG & E CORP.13.08+0.45+3.56%

Shares rose nearly 16 percent on Monday, despite a down market, after the company confirmed final major settlements were reached by the utility giant and "individual claims relating to the 2017 and 2018 wildfires and the 2015 Butte Fire..."

STOCKS SNAP 3-DAY WINNING STREAK

The move puts the company on a path to exit bankruptcy ahead of the June 30, 2020 deadline.

Separately, the company disclosed in a filing with the Securities and Exchange Commission, that it will take a fourth-quarter charge of $4.9 billion tied to a $13.5 billion deal "for Fire Victims Claims is subject to change based on additional information or developments in the Chapter 11 Cases, which change could occur prior to the filing of the Debtors' Annual Report on Form 10-K for the period ending December 31, 2019" as detailed in the filing.

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