PG&E agrees to pay $1 billion to resolve wildfire claims via plan deal

By Caroline Salls

Pittsburgh, June 19 – Pacific Gas and Electric Co. (PG&E) has reached agreements to resolve the wildfire claims held by 18 local cities, counties, districts and public agencies impacted by the 2015 Butte Fire, 2017 Northern California wildfires and 2018 Camp Fire, according to a PG&E news release.

Under the agreements, $1 billion in payments will be made as part of a plan of reorganization to be filed in PG&E’s pending Chapter 11 bankruptcy case.

“This is an important first step toward an orderly, fair and expeditious resolution of wildfire claims and a demonstration of our willingness to work collaboratively with stakeholders to achieve mutual acceptable resolutions,” PG&E Corp. president and chief executive officer Bill Johnson said in the release.

“We hope to continue making progress with other stakeholders.”

The company said the payment of the settlement funds is subject to confirmation of the plan by the U.S. Bankruptcy Court for the Northern District of California and the occurrence of the plan effective date.

According to the release, the plan will provide for the payment of the settlement funds to the local government agencies in full settlement and satisfaction of their wildfire claims.

PG&E said it is not sure when it will file the plan with the court, but it intends to complete the Chapter 11 process as expeditiously as possible.

The electric and natural-gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29 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.