The bankrupty utility is trying to match compensation proposed by creditors in a rival reorganization plan.
Bankrupt utility giant PG&E Corp. is offering $13.5 billion in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, according to people with knowledge of the situation.
In doing so, the San Francisco-based power company is trying to provide the same amount that a group of its creditors — led by Pacific Investment Management Co. and Elliott Management Corp. — has agreed to pay victims in a rival reorganization proposal, said the people, who asked not to be identified because the negotiations are private. The two sides are at odds, however, over how to structure the payout and how much should come in the form of cash and stock, they said.
by the middle of next year. The utility filed for bankruptcy protection in January after its equipment was found to have started a series of catastrophic wildfires in 2017 and 2018, burying it in an estimated $30 billion worth of liabilities.that PG&E had already struck with wildfire insurers has come under attack as negotiations between the company and actual fire victims drag on. A group of victims has filed a lawsuit against the utility, saying they should get paid before insurers do.
PG&E said in a statement that it “remains committed to working with the individual claimants to fairly and reasonably resolve their claims and will continue to work to do so.” The company noted that an initial restructuring plan it had filed in bankruptcy case would have the utility “satisfying all wildfire claims in full.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alibaba's Singles' Day sales hits $13 billion in the first hour — up 32% from 2018 - Business InsiderChinese e-commerce giant Alibaba said on Monday that sales for its annual Singles' Day shopping blitz hit $13 billion within the first hour.
Read more »
California Governor Questions $11 Billion PG&E Insurance DealCalifornia Gov. Gavin Newsom questioned PG&E Corp.’s $11 billion settlement proposal for insurance losses tied to wildfires and said it could derail the utility’s bankruptcy exit strategy.
Read more »
Artist designs phoenix sculpture from donated keys of homes destroyed in the Paradise Camp FireA woman from Paradise, California has created a phoenix sculpture from thousands of donated keys to places destroyed in California's deadliest wildfire last November.
Read more »
Blackouts, Wildfires Test California Gov. Newsom in His First CrisisBy putting his administration at the center of a problem fueled largely by forces beyond his control, Gov. Gavin Newsom could deepen the crisis stemming from blackouts and wildfires.
Read more »
Australian state declares emergency due to wildfiresWaterbombers assisted ground crew to battle the flames as at least 64 bush and grass fires burned across New South Wales—including 40 that were not contained. At least three people have died and a number are unaccounted for.
Read more »
Chick-fil-A and Starbucks are giving away free food and coffee for Veterans DayChick-fil-A's free-food offers vary by locations. Some restaurants are offering free chicken sandwiches all day, while others are offering free meals.
Read more »