PG&E Urges Judge to Approve Key Settlement, Faces Resistance

The New York Times Finance 15 hours ago

SAN FRANCISCO — Pacific Gas & Electric on Wednesday urged a federal bankruptcy judge to approve a key insurance settlement as it struggles to regain its financial footing and cover at least $20 billion in losses stemming from catastrophic wildfires in California tied to its equipment.

The nation's largest utility faced fierce resistance at the court hearing from attorneys representing thousands of wildfire victims, PG&E bondholders who have proposed an alternative plan for salvaging the hobbled company and California Gov. Gavin Newsom.

The opposition argued that PG&E's $11 billion settlement with a group representing about 110 insurers that have already paid claims in the fires threatens to shortchange uninsured and underinsured victims. Critics also say the deal would give the company an unfair advantage to gain support for its deeply flawed reorganization plan.

Although it didn't come up Wednesday, Newsom has been pressing PG&E to revise its plan to reserve $13.5 billion to cover fire victims beyond those included in the $11 billion settlement. That would match the amount earmarked in the bondholders' competing proposal.

PG&E's plan calls for the victims to get an additional $7.5 billion, not including government agencies with claims.

Media reports that PG&E was nearing an agreement to meet Newsom's demands caused the company's stock to surge 11% Wednesday to close at $9.47. That remains far below a high of $71.57 in September 2017, reached just before the first of the major wildfires erupted and began raising doubts about PG&E's future.

U.S. Bankruptcy Judge Dennis Montali said he will rule on the insurance settlement soon.


Source link
Read also:
ABC News › 15 hours ago
Pacific Gas & Electric is urging a federal bankruptcy judge to approve a key insurance settlement as it struggles to cover at least $20 billion in losses stemming from catastrophic wildfires in California
Forbes › 1 month ago
All too often resistance is seen as a sign that something is wrong. The response is to change direction, to suppress the resistance or just to "power through." I suggest a healthier and more effective response to resistance: Treat it as your friend.
Reuters › Finance › 1 month ago
A U.S. bankruptcy judge on Thursday urged parties that will benefit from a proposed settlement with OxyContin maker Purdue Pharma LP to focus on addressing the opioid addiction crisis and avoid battling over the deal's billions of dollars.
The New York Times › Finance › 1 month ago
A U.S. bankruptcy judge on Thursday urged parties that will benefit from a proposed settlement with OxyContin maker Purdue Pharma LP to focus on addressing the opioid addiction crisis and avoid battling over the deal's billions of dollars.
Washington Times › 1 month ago
Prime Minister Boris Johnson says UK and EU have agreed 'great new deal; urges Parliament to approve it this week.
Express › 2 weeks ago
THE QUEEN did not approve her son Prince Andrew’s recent Newsnight interview about his friendship with former financier and convicted sex offender Jeffrey Epstein, according to new reports.
CNN › Traveling › 1 day ago
The new Rise of the Resistance ride opens to great fanfare on December 5 at the Star Wars: Galaxy's Edge land in Hollywood Studios in Orlando, Florida. Read CNN Travel's first-hand report on the adventure.
CNN › Entertainment › 1 month ago
For 'Breaking Bad' and 'Downton Abbey,' 'the end' wasn't, as studios increasingly turn to revivals after series finales
CNN › Politics › 1 month ago
US Energy Secretary Rick Perry said Friday he "didn't see a problem" with being asked by President Donald Trump to speak with Rudy Giuliani about matters involving Ukraine.
CNN › Politics › 1 month ago
Former White House chief of staff John Kelly said that before he left the White House last year, he warned President Donald Trump not to hire a replacement who wouldn't tell him the truth or that he would be impeached, the Washington Examiner reported...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR