PG&E Corp.’s settlement with victims of wildfires has wrong-footed a group of bondholders who want to take over the company and could force them to re-evaluate their legal strategy, people familiar with the matter said.

Bondholders including Elliott Management Corp. and Pacific Investment Management Co. are evaluating the impact of the settlement on their plan to restructure PG&E in bankruptcy court, one of the people said. If bondholders determine their plan has become less practicable, they will focus more on a…

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