PG&E Announces $13.5 Billion Settlement Of Claims Linked To California Wildfires
Added 12-07-19 12:06:02am EST - “The utility hopes the settlement will help it emerge from bankruptcy proceedings by the end of the year. When it declared bankruptcy in January, the company faced potential liabilities of $30 billion.” - Npr.org
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Seen in August 2019, the remains of a home destroyed in Northern California's 2018 Camp Fire. Rich Pedroncelli/AP hide caption
Utility giant Pacific Gas and Electric announced a $13.5 billion settlement agreement to resolve all claims associated with several Northern California wildfires that killed dozens of people and destroyed thousands of businesses and homes. The wildfires have been tied to the company's equipment.
"We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires," said PG&E Corp. CEO and President Bill Johnson in a statement released late Friday.
The settlement fund, if accepted by a bankruptcy judge, will go to victims who lost love ones and/or property, as well as government agencies and attorneys who have pressed the claims.
PG&E declared bankruptcy in January, saying it faced potential liabilities of $30 billion. The company hopes that the settlement will improve its prospects for emerging from bankruptcy before a court-imposed deadline in June.
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