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Materials, IPO & Equity Analyst

Venkat Ramana Nandyal

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<p>We write this note to provide <a href="https://www.smartkarma.com/entities/18378" target="_blank" data-smartkarma-citation="entities:18378:1">P G &amp; E Corp (PCG US)</a> current state of affairs. First and foremost, we believe that the equity value is zero as the company restructures under chapter 11 bankruptcy code. Most companies that enter chapter 11 bankruptcy either face operational or financial headwinds. PG&amp;E problems are compounded by complications of litigation and regulatory risk along with operational and financial risks.</p>

We write this note to provide P G &amp; E Corp (PCG US) current state of affairs. First and foremost, we believe that the equity value is zero as the company restructures under chapter 11 bankruptcy code. Most companies that enter chapter 11 bankruptcy either face operational or financial headwinds. PG&amp;E problems are compounded by complications of litigation and regulatory risk along with operational and financial risks.

PG&E: Turnaround; A Mission Impossible Task