A group of PG&E Corp noteholders said in a court filing on Wednesday that they a...
FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo
The proposed plan will create two trusts, a $14.5 billion trust for compensating individual wildfire victims and an $11 billion trust for paying insurers with subrogation claims against PG&E for payments they had made after the blazes in 2017 and last year, according to the filing in the U.S. Bankruptcy Court in San Francisco.Subrogation allows insurers to recoup funds that they have paid to policy holders for insured losses from third parties that they hold responsible for the losses.
PG&E, joined by major shareholders, is opposing efforts by the noteholders to be allowed to file their reorganization plan. The company on Sept. 19 outlined its own plan that will pay $17.9 billion for wildfire claims and caps payouts to victims at $8.4 billion and to insurers at $8.5 billion.
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