PG&E Corp. proposed Monday to resolve its bankruptcy case by offering nearly US$18 billion to settle claims from devastating wildfires started by its equipment in recent years -- an amount immediately criticized by victims who said less than half of that is intended for them.
"Under the plan we filed today, we will meet our commitment to fairly compensate wildfire victims and we will emerge from Chapter 11 financially sound and able to continue meeting California's clean energy goals," CEO and President Bill Johnson said in a statement.
An attorney for the committee of wildfire victims involved in the bankruptcy case said she believes they are owed far more, and will urge the committee to oppose the plan.
Mayor London Breed and City Attorney Dennis Herrera said in a statement that the offer was "competitive, fair and equitable" and would lead to financial stability for the beleaguered investor-owned utility.
San Francisco, where PG&E was founded more than a century ago, began examining options for taking over pieces of the utility after it filed for bankruptcy protection. The city isn't looking to buy any part of PG&E's gas system.
Money for the purchase would come from a bond that voters agreed last year the city could use. State and federal regulators would need to sign off on any deal.Read more: CTV News
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