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US PG&E is offering $13.5 billion in compensation to wildfire victims

02:35  12 november  2019
02:35  12 november  2019 Source:   msn.com

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Bankrupt utility giant PG & E Corp. is trying to offer $ 13 . 5 billion in compensation to the victims of wildfires sparked by its power lines as part of a 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

(Reuters) - Bankrupt California power producer PG & E Corp is offering $ 13 . 5 billion in compensation to wildfire victims as part of a restructuring plan, Bloomberg reported on Monday, citing people with knowledge of the situation. PG & E and the victims were in talks on Monday, Bloomberg reported.

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.

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Bankrupt California power producer PG & E Corp is offering $ 13 . 5 billion in compensation to wildfire victims as part of a restructuring plan, Bloomberg reported on The same amount has been offered to the victims by a rival group of noteholders led by Pacific Investment Management Co and Elliott

Bankrupt California power producer PG & E Corp is offering $ 13 . 5 billion in compensation to wildfire victims as part of a restructuring plan, Bloomberg PG & E sought Chapter 11 bankruptcy protection in January after massive wildfires struck Northern California in 2017 and 2018, which were blamed on

PG&E has spent months trying to come up with a restructuring plan that would get it out of the biggest utility bankruptcy in U.S. history by the middle of next year. The utility went bankrupt 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.

California Gov. Gavin Newsom has threatened a government takeover if the company can’t come up with a viable reorganization plan soon. The judge overseeing the case has ordered PG&E and victims to meet and to try to hammer out an agreement. The parties were in mediation on Monday, people familiar with the talks said.

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.”

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PG & E reaches $ 13 . 5 billion settlement with California wildfire victims . “We are pleased that PG & E has finally admitted that the victims ’ losses exceed $ 13 . 5 billion , and that PG & E is responsible,” said Robert Julian, a lawyer from the firm BakerHostetler in San Francisco representing victims .

“ PG & E ’s $ 13 . 5 billion preliminary deal with wildfire claimants puts the utility firmly in control to exit bankruptcy. This accord is a big win for shareholders PG & E said Monday that it will update and file its reorganization plan that resolves all major wildfire claims by Thursday. The company said it is on

A committee representing wildfire victims in PG&E’s bankruptcy case declined to comment.

A group of creditors led by Elliott and Pimco have for months been pitching a rival restructuring plan for PG&E that would all but wipe out the shares of current stakeholders and hand them control of the company. Under that proposal, PG&E would use some cash and $12.75 billion in new stock to establish a wildfire victim trust that would administer payments.

Related video: PG&E under 'fire' for recurring wildfires (provided by Fox Business)

Insurers’ Deal

An $11 billion deal 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.

Read More: PG&E Insurance Deal Slammed by Governor, Wildfire Victims

Over the weekend, Newsom urged the judge overseeing PG&E’s bankruptcy to delay a ruling on the insurance deal, describing it as nothing more than “legal maneuvering by parties apparently more focused on securing procedural advantages for their own pecuniary interests than on reaching a fair and expeditious resolution of this bankruptcy.”

--With assistance from Steven Church.

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