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Bloomberg
PG&E Corp has reached a $13.5 billion settlement with victims of wildfires ignited by its power lines, a major step towards resolving the biggest utility bankruptcy in US history.
The settlement will cover claims stemming from some of the worst fires to hit Northern California, including the 2017 wine country fires and the 2018 Camp Fire, the company said in a emailed statement. The 2015 Ghost Ship fire and the 2017 Tubbs fire are also covered, although the utility doesn’t admit fault for either blaze, PG&E said.
The agreement is subject to a number of conditions and the approval of the bankruptcy court, the utility said.
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. US Bankruptcy Judge Dennis Montali had ordered parties into mediation after settlement talks between victims and the company stalled.
“From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal,†PG&E Chief Executive Officer Bill Johnson said in the statement.