PG&E: Wildfire victims show support for its $13.5B settlement in preliminary voting

PG&E announced Monday morning that preliminary voting results showed wildfire victims had “overwhelming support” for the company’s plan of reorganization, according to a release.

Posted: May 18, 2020 9:30 AM
Updated: May 18, 2020 11:43 AM

SAN FRANCISCO, Calif. – PG&E announced Monday morning that preliminary voting results showed wildfire victims had “overwhelming acceptance” for the company’s plan of reorganization, according to a release.

The company said based on the preliminary results, it believes they remain on track for plan confirmation by June 30, 2020, the deadline under AB 1054.

PG&E added that the results also indicated that all but one of the impaired classes have voted to accept the plan. The sole dissenting class consists of holders of repetition securities law claims related to PG&E Corporation common stock.

RELATED: PG&E settlement deadline to vote on Friday

Voting for fire victims ended on Friday, May 15. PG&E said the final voting results for the plan will be certified by PrimeClerk and filed with the U.S. Bankruptcy Court for the Northern District of California on or before May 22, and in advance of the company’s plan confirmation hearing scheduled for May 27, 2020.

PG&E’s plan includes a $13.5 billion settlement, including more than 70,000 wildfire victims.

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