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PG&E proposes reorganization plan with $17.9 bln for wildfire claims

Credit: REUTERS/Elijah Nouvelage

California power provider PG&E Corp on Monday unveiled the outlines of a reorganization plan that will pay $17.9 billion for claims stemming from the wildfires that pushed it to seek bankruptcy protection.

SAN FRANCISCO, Sept 9 (Reuters) - California power provider PG&E Corp on Monday unveiled the outlines of a reorganization plan that will pay $17.9 billion for claims stemming from the wildfires that pushed it to seek bankruptcy protection.

The plan filed in U.S. Bankruptcy Court in San Francisco includes payments capped at $8.4 billion for wildfire victims, payments capped at $8.5 billion for reimbursing insurers that had paid victims and a $1 billion settlement with local governments.

(Reporting by Jim Christie Editing by Chris Reese)

((jim.christie@thomsonreuters.com; Tel: +1-415-677-2539; Reuters Messaging: jim.christie.thomsonreuters.com@reuters.net))

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