California power provider PG&E Corp on Monday unveiled the outlines of a reorgan...
SAN FRANCISCO - California power provider PG&E Corp on Monday unveiled the outlines of a reorganization plan that will pay $17.9 billion for claims stemming from the wildfires that pushed it to seek bankruptcy protection.
The plan also would pay PG&E’s debts in full and honor the company’s contracts, including ones for buying renewable energy to help California meet its goals for cutting greenhouse emissions. Lawyer Michael Kelly of Walkup, Melodia, Kelly & Schoenberger in San Francisco said wildfire victims like those he represents, including victims of the Camp Fire, will find what the plan offers them to be too little.
The utilities would help support the fund with contributions. PG&E has said that taking part in the fund will enhance its finances over the long term.
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