(Reuters) – PG&E Corp, which filed for bankruptcy last month in the wake of potential liabilities from Californiaâ€™s catastrophic wildfires, on Thursday extended the deadline by which investors must file paperwork if they want to install their directors on the board.
Investors will now have until March 1 to nominate director candidates, the utility said in a regulatory filing here early on Thursday only hours before its original deadline was set to expire on Feb. 21.
Last month, PG&E shareholder BlueMountain announced plans to try and unseat all board members, criticizing the company for filing for Chapter 11 protection, a move it called unnecessary and harmful to investors.
The New York-based hedge fund, which owns roughly 8 million shares of PG&E, said last week that it was ready to announce its director candidates by the Feb. 21 deadline.
PG&E promised board changes last week, saying that only five of its current board members would stand for re-election at the May 21 annual meeting.
With a new board and fresh oversight, BlueMountain forecast that the companyâ€™s shares could trade at $50 in the future. PG&Eâ€™s stock closed up nearly 3 percent at $18.21 on Wednesday.