A bankruptcy judge approved PG&E's $13.5 billion settlement with victims of Californian wildfires. PG&E's power lines ignited several deadly wildfires, including last year's devastating 'Camp Fire'
) $13.5 billion settlement with victims of Californian wildfires, and the company’s stock rallied as the utility gained momentum to emerge from bankruptcy in June as planned.
Montali also approved an $11 billion agreement with insurance companies, locking up the last and two most significant creditor groups. Mitchell said the necessary changes to the plan could be negotiated, although she called the governor’s demands a “high bar.” Bondholders want wildfire victims to have the option to support their competing bankruptcy exit plan, which they argued could be a fallback if PG&E failed to satisfy the governor.
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PG&E Wins Court Approval of $13.5 Billion Deal With Wildfire VictimsPG&E won court approval for a $13.5 billion settlement with victims of fires linked to its equipment but the utility said it expects talks to continue with California Gov. Gavin Newsom, who said its bankruptcy-exit plan falls short.
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PG&E removes California governor from $13.5-billion fire dealPG&E drops a requirement that Gov. Gavin Newsom sign off on its settlement with wildfire victims, trying to buy more time for its restructuring plan.
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