Judge OKs $58B plan to end PG&E bankruptcy after wildfires
Source: Associated Press
Judge OKs $58B plan to end PG&E bankruptcy after wildfires
By MICHAEL LIEDTKE
June 19, 2020
SAN FRANCISCO, Calif. (AP) — A federal judge on Friday approved a $58 billion plan by the nation’s largest utility to end a contentious bankruptcy saga that began after Pacific Gas & Electric’s outdated equipment ignited wildfires in California that killed more than 100 people, wiped out entire towns and led the company to confess to crimes driven by its greed and neglect.
The decision by U.S. Bankruptcy Judge Dennis Montali clears the way for PG&E to pay $25.5 billion for losses from devastating fires in 2017 and 2018.
Dozens of lawsuits were settled during the 17-month bankruptcy case, with $13.5 billion earmarked for more than 80,000 people who lost family, homes, businesses and other property in the fires.
“This is a great day,” said Robert Julian, a lawyer for the bankruptcy committee representing the interests of wildfire survivors. “We are going to start getting money into the hands of the victims.”
The judge said he will officially sign his approval once PG&E attorneys submit some minor revisions expected Friday or Saturday.
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Read more: https://apnews.com/af0ec776efd4b3049f7800ff981bff88
