September 25, 2019 / 2:47 AM / a month ago

PG&E noteholders say willing to offer $11 billion for insurers

A lawyer for PG&E Corp noteholders who want to file a reorganization plan for the bankrupt power provider to get a controlling equity stake in it said at a hearing on Tuesday they will match an $11 billion settlement the company just notched with insurers.

Michael Stamer of Akin Gump Strauss Hauer & Feld said at the hearing in U.S. Bankruptcy Court in San Francisco that the noteholders are redrafting their proposed reorganization plan for PG&E so it includes $11 billion for insurers who paid claims stemming from wildfires in California in 2017 and 2018 that were blamed on the power provider’s equipment and that forced it to seek Chapter 11 bankruptcy protection in January.

To read the full story on Westlaw Practitioner Insights, click here:

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