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(Reuters) – Some creditors of PG&E Corp, including Elliott Management Corp and Pacific Investment Management Co (Pimco), are proposing a $35 billion plan for the California power utility to exit bankruptcy within a year, Bloomberg reported late on Wednesday. Pimco, Elliott and David Kempner Capital Management have discussed the proposal with California lawmakers and other stakeholders, Bloomberg reported, citing sources familiar with the matter. The plan is to form a $14 billion cash trust to pay for the claims linked to the wildfires in 2017 and 2018, it said, citing the proposal seen by the news outlet montblanc cufflinks.
The proposal is being pitched on behalf of an ad hoc committee of PG&E’s senior unsecured noteholders and will create a statewide wildfire fund of at least $13 billion. The fund will be financed by statewide bonds, PG&E, other California utilities and state funding sources, according to the report. PG&E will also be recapitalized through contributions worth $8 billion that will allow it to refinance its debtor-in-possession loan and other maturities, according to Bloomberg. PG&E, Pimco, Elliott and David Kempner did not respond to requests for comment outside regular U.S. business hours montblanc cufflinks.
WASHINGTON (Reuters) – It would cost $1.8 billion and take 10,000 new employees for the U.S. aviation regulator to handle all aircraft certification internally, the agency’s acting chief told a Senate panel on Wednesday, facing tough questions after two Boeing 737 MAX crashes on how new planes are approved for flight. The Federal Aviation Administration delegates much of the work of airplane certification to manufacturers such as Boeing under a decades-old process montblanc cufflinks. The FAA has agreed to significantly improve its oversight of organizations performing certifications on its behalf by July 2019, U.S. Transportation Department Inspector General Calvin Scovel told the panel..
The FAA’s acting head Daniel Elwell was asked why the FAA did not require disclosure of a new anti-stall software system in flight manuals or new pilot training before it certified the now grounded 737 MAX passenger jet in 2017 montblanc cufflinks. Senator Ted Cruz, who chairs the Subcommittee on Science and Space, told Reuters after the hearing Elwell’s estimate was “a little bit of straw man” and deflected from serious concerns about the FAA delegation of responsibilities to Boeing. Cruz said “there have been long standing concerns that have been raised about the closeness of the FAA with Boeing” and noted a 2012 audit that raised those questions..
“At this point we don’t know that’s what caused this, but on the face of it, it certainly seems inadequate – the pilot training material did not raise the details of this new system,” Cruz said. Boeing said on Wednesday that it had reprogrammed software on its 737 MAX passenger jet to prevent erroneous data from triggering an anti-stall system that is under mounting scrutiny following the two deadly nose-down crashes montblanc cufflinks. The planemaker said the anti-stall system, which is believed to have repeatedly forced the nose lower in at least one of the accidents, in Indonesia last October, would only do so one time after sensing a problem, giving pilots more control..