Mere days after founder Ken Griffin set a new record in the US for most expensive home ever purchased by closing on a Manhattan penthouse apartment, Citadel is reportedly leading an investor group to try and stave off a possible bankruptcy filing for embattled California utility PG&E.
The utility, which was last week cleared of responsibility for the Tubbs fire, one of the deadliest fires in the state’s history, could still face some $20 billion in liabilities if it’s equipment is conclusively found to have caused other wildfires during 2017 and 2018 which led to dozens of deaths and billions of dollars in property damage.
According to CNBC, Citadel has reportedly furnished a second investor proposal to the utility, which has been threatening to file for bankruptcy (what would be its second in the last 20 years), to the consternation of California lawmakers.
Shares climbed as much as 15% on the news before trimming their gains.
Investigators have already determined that PG&E’s equipment caused at least 17 major wildfires in 2017, though it remains to be determined whether PG&E will be found liable for November’s Camp Fire, which killed 86 people and destroyed about 14,000 homes, making it the deadliest fire in the state’s history.
via ZeroHedge News http://bit.ly/2SgAOIC Tyler Durden