If Elliott Wins, PG&E Would Change Its Name
If Elliott Wins, PG&E Would Change Its Name
(Bloomberg) -- The bankrupt California utility giant Pacific Gas & Electric Co. may end up having something in common with the Golden State Warriors if some of the company’s creditors get their way.
As part of a $31 billion restructuring plan proposed by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management and other creditors, the power company that supplies much of Northern California would change its name to Golden State Power Light & Gas Co.
But first, a contest: The company’s creditors are proposing to give the utility’s employees the first crack at coming up with a re-brand. They’d have two months to submit ideas, and if none of them work out, Golden State Power Light & Gas it is. PG&E’s holding company, PG&E Corp., would of course become GSPL&G Corp.
If PG&E’s creditors are hoping for a new shine by taking on the “Golden State” label, be warned: The Warriors are taking a lot of flak of their own for moving to San Francisco from Oakland, prompting some to question whether the team’s own name should be changed.
--With assistance from Scott Deveau.
To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Pratish Narayanan
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