PG&E, Insurers Cut $11B Deal Over Calif. Wildfires

Law360 (September 13, 2019, 5:45 PM EDT) -- A group of insurance companies with claims against Pacific Gas and Electric for payouts they made to victims of California's 2017 and 2018 wildfires announced Friday that it has agreed to settle with the bankrupt utility for $11 billion.

If approved by the court, the settlement with the ad hoc group of subrogation claimants would resolve a significant proportion of the more than $30 billion in wildfire-related liabilities facing PG&E, but would require $2.5 billion in adjustments to the Chapter 11 plan the utility submitted to the court on Sept 9.

"While this proposed settlement does not fully satisfy the approximately...

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