Parent company PG&E Corp. and its utility subsidiary Pacific Gas and Electric filed a framework to exit bankruptcy that limits payments to victims and creditors to $17.9 billion, including $8.4 billion to wildfire victims, $8.5 billion to creditors and $1 billion to public entities. It anticipates raising $14 billion in equity.
The company said in the Sept. 9 plan filed with the U.S. Bankruptcy Court in San Francisco that it would honor all trade claims and collective bargaining agreements. The utility is on track to have the plan confirmed by June 30, 2020, to be eligible to participate in the newly established state wildfire fund.