PG&E Obtains Additional Financing
Financially troubled P-G-and-E Corporation has obtained additional financing and restructured an existing loan, and one of its subsidiaries has suffered another credit rating downgrade. The energy giant says it has obtained another 300 million dollars as part of a loan agreement that also amends and restates an existing 420 million dollar debt. The agreement is expected to provide the corporation with what it describes as ample liquidity resources to fund its operations through at least 2006. A P-G-and-E spokesman, Brian Hertzog, says additional information will be released Monday when the company files details with the Securities and Exchange Commission. P-G-and-E is still in negotiations with lenders on a 431 million dollar revolving credit line for one of the corporation´s major subsidiaries that matures Monday.