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Bankrupt PG&E reaches $13.5 billion settlement with California wildfire victims


Added 12-07-19 03:10:03am EST - “California's bankrupt power producer PG&E Corp said on Friday it had reache...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Bankrupt PG&E reaches $13.5 billion settlement with California wildfire victims”. Below is an excerpt from the article.

(Reuters) - California’s bankrupt power producer PG&E Corp said on Friday it had reached a $13.5 billion settlement with victims of some of most devastating wildfires in the state’s modern history.

The agreement helps smooth the way for the beleaguered company to emerge from bankruptcy. It filed for Chapter 11 protection in January, citing potential liabilities in excess of $30 billion from wildfires in 2017 and 2018 linked to its equipment.

“With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve,” Chief Executive Officer Bill Johnson said in a statement.

State fire investigators in May determined that PG&E transmission lines caused the deadliest and most destructive wildfire on record in California, the wind-driven Camp Fire that killed 85 people in and around the town of Paradise last year.

They likewise concluded that PG&E power lines had sparked a separate flurry of wildfires that swept California’s wine country north of San Francisco Bay in 2017.

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