PG&E in Talks With Banks on Bankruptcy Financing: Reuters

(Bloomberg) -- PG&E Corp. is in talks with investment banks about a financing package to help it get through bankruptcy proceedings, Reuters reported, citing people familiar with the matter.

The California utility, which is facing billions of dollars in wildfire liabilities, is in discussions with large banks about debtor-in-possession financing that could reach as much as $5 billion, Reuters said.

The company may notify employees as soon as Monday that it’s preparing a potential bankruptcy filing, people familiar told Bloomberg News.

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