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PG&E nearing $13.5 billion deal with wildfire victims - BBG

Published 12/04/2019, 01:09 PM
Updated 12/04/2019, 01:10 PM
PG&E nearing $13.5 billion deal with wildfire victims - BBG

(Reuters) - Bankrupt California power producer PG&E Corp (N:PCG) is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, Bloomberg reported on Wednesday, citing people familiar with the matter.

Shares of the company rose about 13% to $9.62.

The payment will be made half in cash and the rest in stock in the newly reorganized utility, the report said.

The settlement could mark a major step towards a resolution of the company's bankruptcy proceedings and give it a big win over a rival group of noteholders that so far had the support of a committee representing the victims.

PG&E said it will continue to work with individual claimants to "fairly and reasonably resolve their claims".

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Don't do business in Democrat controlled states.
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