Multiple investors to acquire a 38.02% stake in PG&E for $3.25m.

Four hedge funds Appaloosa, Third Point, Zimmer Partners and Fidelity Management & Research agreed to acquire a 38.02% stake in PG&E, an energy company, for $3.25m. “Today’s announcement is another positive step toward PG&E’s emergence from Chapter 11, ensuring wildfire victims are paid more quickly and positioning the company for a sustainable financial future. The amended backstop agreement simplifies our exit financing, while maintaining important protections should the market experience substantial volatility. These agreements also are a clear signal of confidence in PG&E’s future,” Jason Wells, PG&E Executive Vice President and Chief Financial Officer.