Finance

Hedge Funds Have $500 Million Riding on PG&E Paying Bills

  • Contractors, others are selling their claims against utility
  •  Funds expect to profit on the difference they get from PG&E

Bankrupt utility giant PG&E Corp. owes a lot of money to a lot of businesses. A tree-trimming service. A California car dealership. A laundromat. Construction contractors galore.

Now, hedge funds including Olympus Peak Asset Management LP and Whitebox Advisors LLC are buying up claims vendors have filed against PG&E, aiming to cash in.

Read the full story at Bloomberg.com