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Bloomberg
PG&E Corp surged to a two-month high after reaching a $13.5 billion settlement with the victims of wildfires ignited by its power lines — a major step towards resolving the biggest utility bankruptcy in US history.
The agreement, will cover claims stemming from some of the worst blazes to ever hit Northern California, including the 2017 wine country and the 2018 Camp fires. The 2015 Ghost Ship fire and the 2017 Tubbs fire are also covered, though the utility doesn’t admit fault for either blaze, PG&E said. Shares rose 14% to $11
at 9:51 am in New York on Monday.
The deal is a victory for PG&E, which has spent months trying to negotiate a viable restructuring plan to emerge from bankruptcy by the middle of next year. California Governor Newsom has threatened a state takeover if the utility fails to come up with a plan soon.