- PG&E (NYSE:PCG) plummets on news that the judge overseeing its bankruptcy case will allow for the consideration of alternative restructuring plans.
- Judge Montali's ruling clears the way for a rival Chapter 11 plan from bondholders led by Elliott Management that are allied with wildfire victims, stripping PG&E of the sole right to propose a Chapter 11 plan covering billions of dollars of damages.
- The decision means at least two reorganization plans will move forward as PG&E shifts into a crucial phase of its Chapter 11 proceeding.