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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- Judge OKs nearly $25 billion for PG&E fire victims, insurers
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