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Bloomberg
Victims of wildfires blamed on PG&E Corp voted to approve a reorganisation plan crafted by the California power giant, clearing one of the last hurdles in the company’s effort to exit the largest utility bankruptcy in US history.
More than 85% of fire victims who cast ballots voted in favour of PG&E’s plan that includes a $13.5 billion settlement to fund claims filed on behalf of an estimated 70,000 families and businesses devastated by the some of the worst blazes in California history, according to a court
filing. PG&E said all creditor classes overwhelmingly voted in favour of its restructuring plan. The only dissenting class was a group holding securities claims against the company.
The approval comes despite opposition from some fire
victims to the settlement, which will be funded in part by PG&E shares. Three members of
a committee designated to represent victims in the bankruptcy resigned in protest over the proposal, calling into question whether their financial recovery should be tethered to PG&E stock.