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

 
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.”

READ ON:

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

September 2019
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30