September 24, 2019 / 1:37 PM / 20 days ago

PG&E tweaks reorganization plan after $11 bln settlement

PG&E Corp filed an amended reorganization plan on Monday after notching a formal settlement with insurers stemming from wildfires that pushed the power producer into bankruptcy that pays them $11 billion, compared with up to $8.5 billion as initially proposed.

The plan filed in U.S. Bankruptcy Court in San Francisco also maintains a previously announced $1 billion settlement with a group of local governments hit by the wildfires in 2017 and 2018 as well as an $8.4 billion offer for individual victims of the blazes.

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