reorganization@ (Adds details from court papers)
SAN FRANCISCO, Oct 4 (Reuters) - California power provider PG&E Corp said in court papers on Friday it has received debt financing commitments of $34.35 billion for a planned Chapter 11 bankruptcy reorganization.
PG&E in a filing in U.S. Bankruptcy Court in San Francisco said the commitments are from leading money center banks and have terms superior to those in a proposed reorganization plan that a group of noteholders want to file for the company.
The commitments will "fully fund" a reorganization plan so PG&E can have a plan confirmed by June 30, 2020, the company said.
PG&E has also obtained more than $14 billion in equity commitments from other investors and has struck an $11 billion settlement with an insurers group and a $1 billion settlement with a group of local governments and public entities hit hard by the wildfires that pushed the company to file for bankruptcy.
San Francisco-based PG&E filed for Chapter 11 bankruptcy protection in January in the aftermath of blazes in 2017 and 2018 blamed on its equipment. At the time, the company anticipated wildfire-related liabilities of more than $30 billion. (Reporting by Jim Christie; Editing by David Gregorio and Tom Brown)