PG&E offers $13.5B compensation to fire victims – Bloomberg

PG&E (NYSE:PCG) is offering $13.5B in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, Bloomberg reports.

The amount is the same that a group of creditors led by Pacific Investment Management and Elliott Management has agreed to pay victims in a rival reorganization proposal, according to the report, although the two sides are at odds over how to structure the payout and how much should come in the form of cash and stock.

California’s Gov. Newsom has threatened a government takeover if the company cannot come up with a viable reorganization plan soon.


Leave a Reply