Payment Will Not Reduce the Amount Available for Wildfire Victims
SAN FRANCISCO, Calif.— PG&E Corporation and Pacific Gas and Electric Company (together, “PG&E”) announced today that the satisfaction of the $4 million in fines and expenses associated with the plea agreement with the Butte County District Attorney will not reduce the amount of funds available to satisfy wildfire victim claims under PG&E’s Plan of Reorganization (“Plan”).
The $4 million amount will be funded to the Fire Victim Trust from income earned on the distribution to be made to the subrogation claimants under the Plan. As a result, there will be no reduction in the amount available for wildfire victims.
This resolution ensures that PG&E will remain in full compliance with the funding commitments it has obtained that are critical to its timely and successful emergence from Chapter 11, and, most importantly, to expedite the fair and timely payments to victims.
The overall settlements in the Plan of Reorganization do not increase and will remain $25.5 billion.
PG&E’s Plan remains subject to approval by the California Public Utilities Commission and the Bankruptcy Court. The Bankruptcy Court is scheduled to hold a hearing on the confirmation of PG&E’s Plan on May 27, 2020, following a vote solicitation process for relevant parties that will take place in the coming weeks.
