PG&E Proposes Reorganization Plan With $17.9 Billion For Wildfire Claims

 Tuesday, September 10, 2019


California power provider PG&E Corp on Monday unveiled the outlines of a reorganization plan that will pay $17.9 billion for claims stemming from the wildfires that pushed it to seek bankruptcy protection.

The plan filed in U.S. Bankruptcy Court in San Francisco includes payments capped at $8.4 billion for wildfire victims, payments capped at $8.5 billion for reimbursing insurers that had paid victims and a $1 billion settlement with local governments.

The plan also would pay PG&E’s debts in full and honor the company’s contracts, including ones for buying renewable energy to help California meet its goals for cutting greenhouse emissions.