PG&E settles California fire claims with local governments for $1 billion [View all]

[Eugene]

Source: Reuters

BUSINESS NEWS JUNE 18, 2019 / 7:08 PM / UPDATED 2 HOURS AGO

PG&E settles California fire claims with local governments for $1 billion

Jim Christie
3 MIN READ

SAN FRANCISCO (Reuters) - PG&E Corp will pay $1 billion as part of its bankruptcy reorganization to more than a dozen local governments in California struck by wildfires in recent years, the company and lawyers for the governments said on Tuesday.

Payments to the local governments will settle claims from lawsuits put on hold by PG&’s bankruptcy and are separate from the thousands of individual claims stemming from wildfires that the company expects will be filed against it during the bankruptcy period.

PG&E will not be able to make settlement payments until it receives court approval for a Chapter 11 bankruptcy reorganization plan.

San Francisco-headquartered PG&E filed for Chapter 11 protection in January anticipating $30 billion in liabilities from wildfires in 2017 and 2018 blamed on its equipment.

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Read more: https://www.reuters.com/article/us-pg-e-us-settlement/pge-settles-california-fire-claims-with-local-governments-for-1-billion-idUSKCN1TJ30O