PG&E to waft $31 billion bankruptcy restructuring plan on wildfire claims

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PG&E to waft $31 billion bankruptcy restructuring plan on wildfire claims

US utility provider, PG&E Corp., headquartered in San Francisco, had been exploring an option to float a $31 billion bankruptcy reform plan which would be including at least two funds to cover past and future wildfire claims, a Bloomberg report published on Friday, the 21st of June 2019 had revealed.

Adding that the California-based power and utility provider were committed to resolve wildfire claims fairly, a PG&E spokesman said following the reveal of the Bloomberg report, “We are looking at all options when it comes to working with the governor and legislature”.

Nonetheless, shares of the company, which had been hosting an annual general meeting on Friday (June 21st), had experienced a choppy session following the reveal of bankruptcy reform and rounded off the day 1 percent lower.

Besides, the latest development on California wildfire claims came forth a few days after the PG&E Corp., bankrupted by deadly blazes, had agreed to pay a lump-sum of $1 billion to settle wildfire claims with the local governments of California.

Aside from that, according to Friday’s (June 21st) Bloomberg report, PG&E Corp. had been contemplating two funds, one of $20 billion for covering future claims and the rest to cover past claims, while the company was expected to file the slated plan formally by August 2019.

In fact, PG&E had filed for a chapter 11 bankruptcy protection earlier on January after facing more than $30 billion in liabilities over California’s deadliest and most lethal wildfires in recent past.