US: PG&E is offering $13.5 billion in compensation to wildfire victims - - PressFrom - US
  •   
  •   
  •   

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

Now hear this: Save $15 on the new AirPods Pro

  Now hear this: Save $15 on the new AirPods Pro Costco members can get the only discount we've been able to find for Apple's latest earbuds.SEE IT AT COSTCO

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 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

(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.

More Californians Could Lose Home Insurance After Wildfires

  More Californians Could Lose Home Insurance After Wildfires Insurers are likely to remain cautious about covering California homes and businesses in wildfire-prone areas, and more homeowners are likely to receive nonrenewal notices in the months ahead.Home insurance already became scarce and expensive in some regions after insurers’ massive payouts for wildfire losses in the state in 2017 and 2018. Home insurers have declined to renew tens of thousands of home-insurance policies in areas with high wildfire risk in the past two years.

(Reuters) - Bankrupt California power producer PG & E Corp (N:PCG) is offering $ 13 . 5 billion in compensation to wildfire victims as part of a The same amount has been offered to the victims by a rival group of noteholders led by Pacific Investment Management Co and Elliott Management

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

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.”

Trump tweets on wildfire aid to California: ‘No more’

  Trump tweets on wildfire aid to California: ‘No more’ President Trump repeated his vague threat to withhold federal wildfire aid to California over forest management issues, tweeting Sunday: “No more.” Then-Lt. Gov. Gavin Newsom and President Trump view damage from the Camp Fire in Butte County on Nov. 17, 2018.

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. The same amount has been offered to the victims by a rival group of noteholders led.

A lawyer for the committee representing wildfire victims in the bankruptcy of PG & E Corp said at a hearing on Monday that the committee sees $ 13 . 5 Cecily Dumas of BakerHostetler was comparing that expectation with the maximum of .4 billion PG & E has proposed for paying victims of the

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.

PG&E Struggles to Find a Way Out of Bankruptcy .
After an autumn marked by mass blackouts and wildfires, Pacific Gas & Electric is racing to craft a plan to escape bankruptcy. That plan needs to satisfy fire victims and state officials who are threatening to take over PG&E, California’s largest utility, unless executives improve its safety record. If PG&E doesn’t reach an agreement with victims and other creditors by early next year, the utility might not be able to participate in a new state wildfire fund. A federal bankruptcy judge could also strip control from its management and board, or allow it to be broken up, with the pieces sold to the highest bidder.

—   Share news in the SOC. Networks
usr: 0
This is interesting!