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PG&E near finalizing $13.5 billion agreement with wildfire victims

The utility may be one step closer to reaching a settlement agreement with wildfire victims with plans to pay half in cash and half in stock.

Posted: Dec 5, 2019 10:49 AM

CALIFORNIA - Bloomberg News is reporting the utility is hammering out final details of a close to $13.5 billion payout to victims.

The financial newspapers said PG&E would pay half in cash, with a lump sum upfront and the rest in stock paid out over 18 months. The newspaper said no final agreement has been reached and the talks could still fall apart. 

In a statement, PG&E said it was “committed to satisfying all wildfire claims in full” as required by law and as laid out in its bankruptcy plan. A representative for the wildfire victims declined to comment to the newspaper.

PG&E has already agreed to pay $11 billion to insurers and other wildfire claim holders, and the judge overseeing its bankruptcy is holding a hearing on that settlement Wednesday.

The company also has a deal to pay $1 billion to local government agencies.

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