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.

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Categories: California News

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