SAN FRANCISCO: PG&E Corp has reached a US$13.5 billion settlement with victims of wildfires ignited by its power lines, a major step toward resolving the biggest utility bankruptcy in US history.
The agreement is subject to a number of conditions and the approval of the bankruptcy court, the utility said. “From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal,” PG&E Chief Executive Officer Bill Johnson said in the statement.
The utility said it had also received more than US$12 billion in equity backstop commitments to support the settlement and its plan of reorganisation. A group of creditors – led by Pacific Investment Management Co and Elliott Management Corp – had offered to pay victims US$13.5 billion as part of their rival reorganisation proposal that won the support of the victims group.
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