BlueMountain Capital Management, LLC Delivers Second Open Letter to Board of Directors of PG&E Corporation (NYSE: PCG) & Board of Directors of Pacific Gas and Electric Company
Firm Urges Delay of Bankruptcy Decision Until After Annual Shareholder Meeting
Says Bankruptcy is Bad for Wildfire Victims, Customers, Employees, Suppliers, Environment & Creditors
Jan 22, 2019, 14:00 ET
NEW YORK, Jan. 22, 2019 /PRNewswire/ -- BlueMountain Capital Management, LLC ("BlueMountain"), a private diversified alternative asset management firm, today sent an open letter to the Board of Directors of PG&E Corporation and the Board of Directors of Pacific Gas and Electric Company urging them to delay plans to file for Chapter 11 until at least after the annual shareholder meeting slated for May 21.
"You have publicly stated that bankruptcy is in the best interests of all stakeholders. But you have failed to articulate a single cogent reason for why it is beneficial to any stakeholder," reads the letter. "A careful analysis will show that all stakeholders will be harmed by bankruptcy," it continues, including wildfire victims, customers, employees, suppliers, and the environment, as well as creditors.
The full text of the letter and attached Appendix can be viewed on BlueMountain's website here: https://www.bluemountaincapital.com/what-is-new/
About BlueMountain Capital Management, LLC
BlueMountain Capital Management, LLC ("BlueMountain") is a diversified alternative asset management firm managing approximately $19 billion of assets. BlueMountain's diverse team of professionals in New York and London is supported by the firm's institutionalized and proprietary infrastructure, including specialized operations and risk management technology. For more information about BlueMountain, please visit: www.bluemountaincapital.com
Dukas Linden Public Relations
PG&E Stakeholder Contact:
SOURCE BlueMountain Capital Management, LLC
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