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PG&E reaffirms $13.5B settlement with wildfire victims

PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co. on Dec. 16 announced the amendment of a restructuring support agreement with certain representatives of wildfire victims known as the "Tort Claimants" to reaffirm their support of the previously announced $13.5 billion settlement.

On Dec. 12, the debtors filed an updated plan of Chapter 11 bankruptcy proposal which combines a $13.5 billion settlement with individual wildfire victims, as well as previously announced $11 billion and $1 billion settlements with insurance companies and public entities.

California Gov. Gavin Newsom on Dec. 13 said the new plan falls short of the requirements of a 2019 state law, or Assembly Bill 1054.

The amendment to the agreement announced Dec. 16 eliminates the provision which automatically terminates the Tort Claimants restructuring support agreement should the Calif. governor decide PG&E's Chapter 11 restructuring plan does not comply with Assembly Bill 1054, and if the plan is not modified in an acceptable manner by Dec. 17.

The parties plan to proceed with a bankruptcy court hearing to approve the restructuring support agreement Dec. 17, according to a news release.

PG&E said it intends to comply with AB 1054 and will address the concerns Newsom expressed.

Meanwhile, a group of PG&E creditors led by Pacific Investment Management Co. LLC and Elliott Management Corp. have sent a proposal to the company's stakeholders, claiming their plan satisfies the concerns raised by Newsom, Bloomberg News reported.