A sharp rebound in shares of PG&E Corp. has left three hedge funds that own 10% of the stock sitting on a roughly $700 million gain. Abrams Capital Management LP, Knighthead Capital Management LLC and Redwood Capital Management LLC bought about 45 million PG&E shares in mid-January when the utility announced its plans to file for bankruptcy and its stock dropped to around $6 from $24. The stock has since recovered to around $23 as estimates of the company’s wildfire-related liabilities dropped and California’s government...

Source: Wall Street Journal April 16, 2019 18:13 UTC