The deal covers insurance carriers and hedge funds that were seeking compensation from PG&E for payouts insurers made in connection with fires sparked by the utility’s equipment
PG&E Corp. said on Monday that it has formalized an $11 billion settlement with insurance companies over wildfire claims and denounced an alternative bankruptcy plan made last week by bondholders.
The deal covers insurance carriers and hedge funds that were seeking compensation from PG&E for payouts insurers made to homeowners and businesses in connection with fires sparked by the utility’s equipment. PG&E announced the settlement agreement in principle earlier this month.
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