California News

PG&E Is Offering $13.5B In Compensation To Wildfire Victims

Los Angeles Times-

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.

Read More

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: