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PG&E creditors propose to pay $13.5B claim in cash to wildfire victims

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Essential Energy Insights - February 2021

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PG&E creditors propose to pay $13.5B claim in cash to wildfire victims

Creditors of PG&E Corp. unit Pacific Gas and Electric Co. proposed new commitments to the victims of the wildfire victims, including payment of their full claim of $13.5 billion in cash up-front, compared to the debtors' plan of $5.4 billion cash up-front and partial compensation through share ownership in the reorganized company.

The plan, proposed in a letter to California Gov. Gavin Newsom, also includes an overhaul of the company's board with stakeholder-appointed directors.

The letter said at least one-third of the new directors under the plan will be public-interest directors, and a majority of the members will be California residents.

Additionally, the plan includes no debt at the public reorganized holding company.

The creditors noted that they will directly present the new terms to victims in areas that were worst-hit by the relevant fires.

"We believe this is simply a better deal for the true victims of PG&E's fires, the individuals who need this money as soon as possible so they can rebuild and move on," the letter said.