US Markets

PG&E nearing $13.5 billion deal with wildfire victims - BBG

Credit: REUTERS/Elijah Nouvelage

Bankrupt California power producer PG&E Corp is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, Bloomberg reported https://bloom.bg/2RhJUUC on Wednesday, citing people familiar with the matter.

Dec 4 (Reuters) - Bankrupt California power producer PG&E Corp PCG.N is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, Bloomberg reported on Wednesday, citing people familiar with the matter.

Shares of the company rose about 13% to $9.62.

The payment will be made half in cash and the rest in stock in the newly reorganized utility, the report said.

The settlement could mark a major step towards a resolution of the company's bankruptcy proceedings and give it a big win over a rival group of noteholders that so far had the support of a committee representing the victims.

PG&E said it will continue to work with individual claimants to "fairly and reasonably resolve their claims".

(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)

((Arunima.Kumar@thomsonreuters.com; within U.S. +1 646 223 8780 (Extn 1760), outside U.S. +91 80 6749 1760))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest US Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More