PG&E exits bankruptcy, pays $5.4 billion into wildfire fund

PG&E exits bankruptcy, pays $5.4 billion into wildfire fund

Pacific Gas & Electric, California’s largest utility, announced its exit from bankruptcy Wednesday, and paid $5.4B in initial funds and more than 22% of its stock into a trust for victims of wildfires caused by its outdated equipment that killed more than 100 people. PG&E sought bankruptcy protection in Jan 2019 after accumulating an estimated $30B in liability for fires caused by its equipment.

KCooper
KCooper
bobby_5150
bobby_5150 0 months

And the real culprits get away, scott free.

Judi Em
Judi Em 0 months

I wonder how the broke and broken state of CA will mismanage those funds. There better be conditions on that $ can be used for.

John
John 0 months

That’s probably easy to do when you can raise rates to cover for any loses

Top in Business
Get the App