Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

PG&E settles California fire claims with local governments for $1 bln

Published 2019-06-18, 07:04 p/m
© Reuters.  PG&E settles California fire claims with local governments for $1 bln

By Jim Christie

SAN FRANCISCO, June 18 (Reuters) - PG&E Corp PCG.N will pay $1 billion as part of its bankruptcy reorganization to more than a dozen local governments in California struck by wildfires in recent years, the company and lawyers for the governments said on Tuesday.

Payments to the local governments will settle claims from lawsuits put on hold by PG&E's bankruptcy and are separate from the thousands of individual claims stemming from wildfires that the company expects will be filed against it during the bankruptcy period.

San Francisco-headquartered PG&E filed for Chapter 11 protection in January anticipating $30 billion in liabilities from wildfires in 2017 and 2018 blamed on its equipment.

The local governments said in a filing in March that their claims could top more than $2.5 billion for fire-related damage to roads, bridges, sidewalks, road signs and signals, public landscaping and water systems.

The governments include the city of Paradise, which was leveled by November's Camp Fire in California deadliest and most destructive wildfire of modern times.

The city of Santa Rosa and Sonoma and Napa counties, which were hard hit by blazes in 2017, also are among the localities that settled with PG&E.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.