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The wild trading swings on Thursday illustrate the uncertainty investors face in valuing PG&E’s stock. The company’s market value dropped to a low of $9 billion on Thursday from $26 billion just last week. Citigroup Inc analysts on Wednesday estimated the company’s potential exposure from the blaze could exceed $15 billion. The Camp Fire, and a second in Southern California, the Woolsey Fire, are still burning, with 56 people confirmed dead and nearly 300 still missing. The fires destroyed nearly 9,000 homes and threatened 15,500 buildings, according to the California Department of Forestry and Fire Protection (Cal Fire).

The cause of the fires, the deadliest in California’s history, is under investigation, Pacific Gas and Electric Co, PG&E’s subsidiary, and Edison International’s Southern California Edison have both told regulators they experienced equipment problems in areas around the times the fires were first reported, In a bid to shore up its black spade cufflinks finances, PG&E said this week it borrowed more than $3 billion under credit lines available to it and Pacific Gas and Electric Co, the maximum available from those sources..

Distressed companies often tap their credit lines to boost cash as they work through their financial troubles. Citigroup analysts said PG&E may use the money to pay near-term maturities and in case credit ratings agencies downgrade the utility. “As the company’s cash position diminishes, the risk of bankruptcy could increase unless politicians intervene,” Mizuho analyst Paul Fremont wrote in a note to clients on Thursday. “For now, we look for signs of additional legislative and regulatory support for PG&E as the company works through the various legal processes with the Cal Fire.”.

Trading in PG&E bonds was mixed after they fell broadly a day earlier, Yields on its nearest maturities remained very elevated, however, and its October 2020 $800 million note shot above a 10 percent yield at one point, the first of PG&E’s bonds to pierce that threshold, To keep PG&E from going bankrupt, California policymakers will face pressure to extend assistance provided in a bill approved last September for utilities to pass on to customers some of the costs related to wildfires, according to Moody’s, The bill mitigates black spade cufflinks liability from fires in 2017 and others starting in 2019, but made no provision for fires this year..

MONTREAL, TORONTO (Reuters) - Bombardier Inc’s (BBDb.TO) top executives met with investors in Montreal on Friday after a disappointing free cash flow forecast and regulatory action, which sent the plane and train maker’s shares down 20 percent, sources familiar with the matter said. The Montreal meeting with Bombardier Chief Executive Alain Bellemare and Chief Financial Officer John Di Bert was previously scheduled but “the (high) participation and level of interest was driven by recent events,” said one of the two sources.

Bellemare had already met with investors following the free cash flow forecast on Nov, 8, which sent its shares down black spade cufflinks more than 23 percent on that day, The Canadian company said it would only be able to meet its 2018 free cash flow estimate by using $635 million in proceeds from the sale of a Toronto plant earlier this year, Analysts had expected Montreal-based Bombardier to achieve its target of roughly breaking even on cash without relying on those proceeds, Bellemare, credited with improving Bombardier’s finances after a crippling 2015 cash crunch, sought to reassure investors that the company would still achieve the company’s five-year turnaround plan designed to boost revenues and margins by 2020, said the source who could not provide further details on the meeting..

The sources declined to be identified as the information is not public. A Bombardier spokesman declined to comment when asked about the meeting. On Thursday, the province of Quebec’s securities watchdog asked Bombardier to halt stock trades under a plan set up to facilitate share sales by certain senior company executives. The Autorité des marchés financiers (AMF) said it was “reviewing” transactions and “various announcements” related to Bombardier’s creation of an Automatic Securities Disposition Plan on Aug. 15.

Bombardier stock closed down 20 percent at C$1.67, adding to last week’s 31 percent slide, The sell-off in the stock also spread to bonds, Bombardier has about C$12.3 billion ($9.35 billion) of bonds outstanding, much of which has been issued in U.S, dollars, according to Refinitiv Eikon data, The yield on Bombardier’s 7.5 percent U.S, dollar bond maturing in March 2025 has jumped by nearly 300 basis points over the last two weeks to 9.87 percent, its highest since July black spade cufflinks 2016, Jamie Koutaoukis, Moody’s lead Bombardier analyst, said by email that she downgraded the company’s senior unsecured debt in 2017 “highlighting at that time that we expected continued negative free cash flow in 2018, in contrast to guidance.”..

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