A group of PG&E Corp. creditors could preempt the embattled California utility’s own attempt to claw its way out of bankruptcy by presenting a restructuring plan that could be worth at least $45 billion, Bloomberg News reported. The plan builds on a proposal floated earlier this year. The updated plan includes substantially more cash for compensating existing wildfire victims, establishing a new statewide wildfire liability fund and recapitalizing PG&E, said the people, who asked not to be identified because the details are private. The plan could be presented to the bankruptcy judge before a rival plan being developed by PG&E’s newly reconstituted board and management is finalized to help accelerate the utility’s exit from court protection. The ad-hoc committee of creditors — led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Management — originally floated a $35 billion plan with lawmakers and other stakeholders. Representatives for PG&E and Pimco weren’t immediately available for comment. Representatives for Elliott and Davidson Kempner declined to comment.
