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Elliott Says PG&E-Backed Restructuring Plan Ignores State Mandates

Elliott Management Corp. is digging in against a PG&E Corp. shareholder strategy for ending the utility’s bankruptcy, saying key demands of California officials wouldn’t be satisfied under the proposal.

The hedge-fund manager, part of a group of bondholders seeking to take over PG&E, said Thursday a restructuring strategy developed by shareholders, management and victims of PG&E-linked wildfires would jeopardize “both the immediate-term and long-term health of the company and its critical infrastructure.”

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