A group of PG&E Corp. creditors could preempt the embattled California utility’s own attempt to claw its way out of bankruptcy by presenting a restructuring plan that could be worth at least $45 billion, according to people familiar with the matter.

The plan builds on a proposal floated earlier this year. The updated plan includes substantially more cash for compensating existing wildfire victims, establishing a new statewide wildfire liability fund and recapitalizing PG&E, said the people, who asked not to be identified because the details are private.

The plan could be presented to the bankruptcy judge before a rival plan being developed by PG&E’s newly reconstituted board and management is finalized to help accelerate the utility’s exit from court protection, the people said.

The ad-hoc committee of creditors, led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Management, originally floated a $35 billion plan with lawmakers and other stakeholders. Representatives for PG&E and Pimco weren’t immediately available for comment. Representatives for Elliott and Davidson Kempner declined to comment.

PG&E shares fell as much as 2.9% to $17.26 before the start of regular trading in New York.

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