Bankrupt PG&E Has a New Plan for California Wildfire Victims
(TNS) — PG&E Corp., struggling to regain control of its destiny as its bankruptcy case enters a pivotal phase, sweetened its offer to Northern California wildfire victims Monday, putting billions of additional dollars on the table to settle claims.
Under increasing pressure from Gov. Gavin Newsom, the utility’s own bondholders and a consortium of municipalities trying to take over the company, PG&E said it would spend an additional $6.6 billion on wildfire claims, a move that could give the troubled utility a greater likelihood of surviving bankruptcy with its business intact.