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9/13, 3:24 PM (Source: TeleTrader)
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PG&E reaches $11B wildfire settlement

Pacific Gas and Electric (PG&E) announced on Friday it has reached an $11 billion settlement with Ad Hoc Subrogation Group, a group of entities representing approximately 85% of insurance subrogation claims relating to 2017 and 2018 wildfires.

"The Ad Hoc Subrogation Group has reached an $11 billion proposed settlement with PG&E. While this proposed settlement does not fully satisfy the approximately $20 billion in group members’ unsecured claims, we hope that this compromise will pave the way for a plan of reorganization that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline," the group's statement said.

The settlement still has to be approved by the Bankruptcy Court overseeing PG&E’s bankruptcy case.

Breaking the News / MD