Why PG&E Corporation's Shares Popped 27% on Wednesday

Shares of bankrupt utility PG&E Corporation (NYSE: PCG) jumped as much as 27.9% in trading Wednesday after getting a positive ruling from a judge in its bankruptcy. Shares closed the day up 27%.

A committee of attorneys for wildfire victims in PG&E territory was attempting to delay a vote on approving the company's bankruptcy restructuring, and their efforts were blocked. The committee wanted to send a letter to victims encouraging them to delay the vote in order to change the terms of their $13.5 billion settlement.

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Source Fool.com