PG&E Fire Victims, Creditors Join Forces With Rival Reorg Plan

Sept. 20, 2019, 9:01 AMUpdated: Sept. 20, 2019, 2:52 PM

PG&E Corp. bondholders battling with shareholders for control of the bankrupt California utility giant have teamed up with wildfire victims to present a new reorganization plan.

The creditors -- including Elliott Management Corp. and Pacific Investment Management Co. -- and the official committee representing fire victims said their new proposal includes a $24 billion settlement to pay all claims from fires blamed on PG&E’s equipment. That’s billions of dollars more than PG&E has offered to those who lost loved ones and homes in some of the most destructive fires in California history.

The coalition threatens to derail PG&E’s own reorganization ...

To read the full article log in. To learn more about a subscription click here.