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[REGIONAL NEWS] PG&E offers $16.9 billion for wildfire claims. Will that get utility out of bankruptcy?

Posted by   /  September 10, 2019  /  No Comments

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PG&E is about to go bankrupt. Will the troubled utility keep the lights on as it finds a resolution of the billions of dollars it faces in potential liabilities from the Camp Fire and the wine country wildfires./ BY DAVID CARACCIO | HECTOR AMEZCUA

By Dale Kasler | The Sacramento Bee

PG&E Corp. put $16.9 billion on the table to pay wildfire claims Monday as it offered its formal reorganization plan in U.S. Bankruptcy Court.

The court filing by the troubled utility represents the first formal step in what could be a protracted tug-of-war between wildfire victims, insurance companies and other creditors over the future of PG&E. The plan needs approval from creditors, the bankruptcy judge and the state Public Utilities Commission.

It’s far from certain that the wildfire victims and insurers will accept PG&E’s offer. Mike Danko, a Bay Area lawyer who represents fire victims, called the offer “just woefully inadequate.”

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