PG&E’s Stock Surges — but One Shareholder Is Not Happy

Investment firm BlueMountain is warning the embattled utility, which has secured $5.5 billion in financing, not to seek bankruptcy and is proposing a whole new slate of directors.

(David Paul Morris/Bloomberg)

(David Paul Morris/Bloomberg)

Embattled utility PG&E is once again behaving like a volatile FANG stock.

Shares of the California electric company surged about 10 percent on Tuesday after it disclosed in a regulatory filing that it had secured $5.5 billion in debtor-in-possession (DIP) financing from four banks as it prepares to file for Chapter-11 bankruptcy protection sometime next week.

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