California wildfire aftermath: PG&E nears $13.5B deal with victims, report says

Fox News 3 days ago
Fox News Flash top headlines for Dec. 4 are here. Check out what's clicking on Foxnews.com

Pacific Gas and Electric Company (PG&E) is near closing on a $13.5 billion payout to victims affected by California wildfires that were caused by its power lines, according to a Bloomberg report.

The utility giant would pay half in cash and the other half in stock for the newly organized company, people familiar with the matter said.

Reaching a settlement with the individual victims of the wildfires sparked by its equipment would be a major step toward resolving the company’s bankruptcy filed in January after facing $30 billion in liability from hundreds of lawsuits from fires in 2017 and 2018.

The company proposed paying victims a maximum of $8.4 billion in September. In a statement to Fox News, PG&E said it was “committed to satisfying all wildfire claims in full” as required by law and laid out in its bankruptcy plan.

It said that PG&E has already reached settlements with two of the three major groups of wildfire victims in its bankruptcy proceedings, which include a $1 billion settlement with cities, counties and public entities and an $11 billion agreement with insurance companies that have already paid claims for 2017 and 2018 wildfires.

A helicopter drops water on the Cave Fire burning along Highway 154 in Los Padres National Forest, Calif., above Santa Barbara. (AP Photo/Noah Berger)
A helicopter drops water on the Cave Fire burning along Highway 154 in Los Padres National Forest, Calif., above Santa Barbara. (AP Photo/Noah Berger)

The company did not comment on the new developments in the Bloomberg report, as mediation discussions are confidential, it said.

PG&E has spent months trying to negotiate a restructuring plan to emerge from bankruptcy by the middle of next year.

The compensation of individual wildfire victims has proved the most formidable of negotiations for the company. After the company initially offered a mere $8.4 billion, California Gov. Gavin Newsom threatened a state takeover if the utility could not reach a deal with creditors and wildfire victims soon.

PG&E has invoked outrage across the state for imposing blackouts on millions of Californians during high winds to keep its power lines from igniting more wildfires. In October alone, PG&E imposed mass blackouts four times.

Additionally, equipment from PG&E sparked two fires in the northern part of the state, which was not a part of the blackout. The fires started in an area where the power was left on because it was not seen as a high fire risk.


Source link
Read also:
The Week › 18 hours ago
Financial compensation may soon be on the way to some of California's wildfire victims. Pacific Gas & Electric agreed Friday to pay $13.5 billion in damages to victims of four wildfires that occurred in the state between 2015 and 2018. Among the fires...
Reuters › Finance › 1 month ago
The judge overseeing the bankruptcy of PG&E Corp on Wednesday issued an order opening the door to a group of noteholders and wildfire victims to file their own reorganization plan for the California power provider.
New York Post › 2 weeks ago
A California couple is claiming their $280 million emerald was destroyed in the most destructive wildfire in state history last year — but the utility company blamed for sparking the inferno isn’t buying it. PG&E Corp. said it’s investigating the...
New York Post › 2 weeks ago
A California couple is claiming their $280 million emerald was destroyed in the most destructive wildfire in state history last year — but the utility company blamed for sparking the inferno isn’t buying it. PG&E Corp. said it’s investigating the...
The Hill › 2 months ago
A committee representing victims in the 2017 and 2018 Northern California wildfires is seeking $13.5 billion in claims for victims during the Pacific Gas & Electric (PG&E) bankruptcy case.The committee's la...
One America News Network › Finance › 2 months ago
(Reuters) - A lawyer for the committee representing wildfire victims in the bankruptcy of PG&E Corp said at a hearing on Monday that the committee sees $13.5 billion as the cost to the power
USA Today › 1 day ago
Pacific Gas & Electric Co. announced a $13.5 billion settlement late Friday with Northern California victims who suffered enormous losses in the 2017 and 2018 wildfires
The New York Times › 1 day ago
California's bankrupt power producer PG&E Corp said on Friday it had reached a $13.5 billion settlement with victims of some of most devastating wildfires in the state's modern history.
One America News Network › Finance › 1 day ago
By Bhargav Acharya (Reuters) - California's bankrupt power producer PG&E Corp said on Friday it had reached a $13.5 billion settlement with victims of some of most devastating wildfires in the
CBS News › 1 month ago
Millions of people in California could be without electricity for days. PG&E started shutting off power overnight in more than half of California's 58 counties in what the company is calling an "unprecedented wildfire danger." Roughly 800,000 customers...
Sign In

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

Continue with Google
OR