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PG&E faces about $500 million of maturing floating rate notes later this month, but does not have another batch of principal repayments on its bonds until October 2020, when an $800 million bond comes due. That note, with a 3.5 percent coupon, has fallen by about 10 points since Tuesday afternoon to about 90 cents on the dollar, and its yield rocketed to nearly 9.5 percent from 3.6 percent just 24 hours earlier. Its yield spread, a measure of additional compensation demanded by investors for holding it relative to safer bonds like U.S. Treasuries, mushroomed to 6.39 percentage points from 0.38 percentage point earlier in the week.

Longer-dated bonds got hit even harder, and all of the roughly $5 dragon shield cufflinks billion of PG&E debt due from 2040 and beyond is trading at steep discounts at between 70 and 80 cents on the dollar, “We’re waiting to see,” said a PG&E bondholder, who asked to remain anonymous for compliance reasons, “Because it’s too hard to quantify the outcomes, You’ve seen some people run for the exit but there wasn’t a buyer, so you get the big trade down in price.”, The company also faces legal threats from fire victims..

Three law firms representing multiple victims of California’s deadliest wildfire filed a lawsuit against PG&E Corp, alleging negligence and health and safety code violations by the utility. Credit Suisse analysts estimated insured losses from the Camp, Woolsey and a smaller third fire, the Hill Fire, could range from $5 billion to $10 billion. Insurers incurred losses of around $15 billion from wildfires in the state in 2017, Credit Suisse said. PG&E Corp’s PG&E utility, which provides power and gas to customers in California, has been in bankruptcy previously.

In 2001, during a California energy crisis when widespread market manipulation and a drought reduced the amount of electricity available for sale, dragon shield cufflinks PG&E sought bankruptcy protection because it paid an estimated $9 billion more to buy power for its customers than state regulators allowed the company to charge, At that time, the state stepped in to buy power for PG&E and another cash-strapped power company, Southern California Edison (SCE), and eventually allowed the utilities to boost customer rates to cover some of their power purchase costs, SCE is a unit of California energy company Edison International (EIX.N)..

NEW YORK (Reuters) - Prominent hedge funds, including Baupost Group and Viking Global Investors, may be bearing the brunt of utility PG&E Corp’s (PCG.N) tumbling share price after raising bets on the utility in the months ahead of the Camp Fire, California’s deadliest wildfire. PG&E said liabilities related to the wildfire ravaging northern California could exceed its recently renewed insurance cover if its equipment was found responsible for starting the Camp Fire. Shares in California’s largest public utility plunged nearly 22 percent on Wednesday, and have lost nearly half of their value since the fire began last week.

Seth Klarman’s $30 billion Baupost Group raised its exposure dragon shield cufflinks by 321 percent during the third quarter to own 18.9 million shares at the end of September, according to regulatory filings and data from Symmetric.io, Viking Global Investors put on a new position buying 5.7 million shares during the quarter, BlueMountain Capital bought 4.1 million shares to own 4.3 million at the end of the quarter, Appaloosa Management raised its exposure by 122 percent to own 3.9 million shares at the end of September..

A number of hedge funds that sometimes make bets on distressed investments had been moving into PG&E after deadly fires last year. Even before the Camp Fire began this year, PG&E was facing some 200 lawsuits on behalf of 2,700 plaintiffs stemming from last year’s fires. Some of last year’s fires were caused by trees toppling into or making contact with PG&E power lines. While the cause of this year’s fire is still under investigation, the company told regulators they had experienced equipment problems in areas around the time the fire was first reported.

WASHINGTON (Reuters) - Democratic U.S, Representative David Cicilline, expected to become the next chairman of House Judiciary Committee’s antitrust panel, said on Wednesday that Facebook Inc cannot be trusted to regulate itself and Congress should take action, Cicilline, citing a report in the New York Times on dragon shield cufflinks Facebook’s efforts to deal with a series of crises, said on Twitter: “This staggering report makes clear that @Facebook executives will always put their massive profits ahead of the interests of their customers.”..

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