PG&E receives statements of support for wildfire settlement and plan

By Caroline Salls

Pittsburgh, April 9 – PG&E Corp. and Pacific Gas and Electric Co. said in a Thursday news release that they have received statements of continued support for their settlement agreement with wildfire victims and plan of reorganization.

PG&E said the plan treats all victims fairly, protects customers and will enable it to emerge from Chapter 11 as a financially sound utility positioned to pay victims as soon as possible and support California for the long term.

In December, PG&E reached the settlement that calls for $13.5 billion to be transferred to a trust to pay the victims from wildfires in 2015, 2017 and 2018 under the terms of the plan. The company said that settlement was supported by the official committee of tort claimants and firms representing wildfire victims holding about 70% of more than 70,000 wildfire claims filed.

In addition, PG&E said it previously reached settlements with two other major groups of wildfire claim holders that are provided for in the plan, including a $1 billion settlement with cities, counties and other public entities, with more than $500 million of that amount to go to Butte County agencies, and an $11 billion settlement with insurance companies and other entities that have already paid insurance coverage for claims related to the 2017 and 2018 wildfires.

According to the release, the statements of support for the settlement with wildfire victims and plan include:

• From consumer advocate Erin Brockovich “Since PG&E settled with victims, the company has won broad support for its plan of reorganization, including from the governor. Now all that’s standing between victims and the payment they’ve waited so long for is approval of the plan. The settlement PG&E reached with victims in December is the best option for getting victims paid fairly and quickly. The best way forward for victims is to support confirmation of PG&E’s plan;”

• From fire victim and victims’ attorney Joseph Earley “The settlement we reached with PG&E remains the best option for getting victims paid as soon as possible. This compensation is long deserved. Withholding support for the plan of reorganization would only delay payments even further, and I urge victims to support the settlement and the plan;”

• From attorney and former state Sen. Noreen Evans “We support PG&E’s plan of reorganization, which will do the right things and pay survivors of the catastrophic and tragic wildfires. The plan has the support of the governor and a host of other stakeholders. Victims’ support is critical to getting court approval of the plan, releasing the payments these deserving Californians have been waiting for,” said Noreen Evans, attorney and former State Senator;” and

• From victims’ attorney Roy Miller “PG&E’s restructuring plan has cleared many hurdles, most recently from the governor’s office. Derailing the process now will not serve victims who have been waiting for compensation to help them rebuild their lives. We urge all claimants to support confirmation of PG&E’s plan.”

PG&E’s plan remains subject to approval by the California Public Utilities Commission and the U.S. Bankruptcy Court for the Northern District of California. The plan confirmation hearing is scheduled for May 27.

The electric and natural gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29, 2019 under Chapter 11 case number 19-30088.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.