Three hedge funds are the biggest winners so far in PG&E’s complex restructuring. But their $700 million in gains remain unrealized.
A sharp rebound in shares of PG&E Corp. has left three hedge funds that own 10% of the stock sitting on a roughly $700 million gain.
Abrams Capital Management LP, Knighthead Capital Management LLC and Redwood Capital Management LLC bought about 45 million PG&E shares in mid-January when the utility announced its plans to file for bankruptcy and its stock dropped to around $6 from $24. The stock has since recovered to around $23 as estimates of the company’s wildfire-related liabilities dropped and California’s government...
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