Numerous Voices Express Continued Support for PG&E’s Settlement with Wildfire Victims and its Plan of Reorganization
April 09 2020 - 8:39AM
Business Wire
PG&E Corporation and Pacific Gas and Electric Company
(together, “PG&E”) today shared the following statements of
continued support for its settlement agreement with wildfire
victims and the company’s Plan of Reorganization (“the Plan”).
PG&E’s Plan treats all victims fairly, protects customers, and
will enable PG&E to emerge from Chapter 11 as a financially
sound utility positioned to pay victims as soon as possible and
support California for the long term.
In December 2019, PG&E reached the settlement that provides
for approximately $13.5 billion to be transferred to a trust to pay
the victims from wildfires in 2015, 2017, and 2018 pursuant to the
terms of PG&E's Plan. That settlement was supported by the
Official Committee of Tort Claimants and firms representing
wildfire victims holding approximately 70 % of more than 70,000
wildfire claims filed.
PG&E previously reached settlements with two other major
groups of wildfire claim holders that are provided for in the Plan
-- a $1 billion settlement with certain cities, counties, and other
public entities, with over $500 million of that amount to go to
Butte County agencies, and an $11 billion settlement with insurance
companies and other entities that have already paid insurance
coverage for claims relating to the 2017 and 2018 wildfires.
The demonstrations of support for the settlement with wildfire
victims and PG&E’s Plan of Reorganization include:
“Since PG&E settled with victims, the company has won broad
support for its plan of reorganization, including from the
Governor. Now all that’s standing between victims and the payment
they’ve waited so long for is approval of the plan. The settlement
PG&E reached with victims in December is the best option for
getting victims paid fairly and quickly. The best way forward for
victims is to support confirmation of PG&E’s Plan,” said Erin
Brockovich, consumer advocate.
“The settlement we reached with PG&E remains the best option
for getting victims paid as soon as possible. This compensation is
long deserved. Withholding support for the plan of reorganization
would only delay payments even further, and I urge victims to
support the settlement and the plan,” said Joseph Earley, fire
victim and attorney representing 11,000 other victims.
“We support PG&E’s plan of reorganization, which will do the
right things and pay survivors of the catastrophic and tragic
wildfires. The plan has the support of the Governor and a host of
other stakeholders. Victims’ support is critical to getting court
approval of the plan, releasing the payments these deserving
Californians have been waiting for,” said Noreen Evans, attorney
and former State Senator.
“PG&E’s restructuring plan has cleared many hurdles, most
recently from the Governor’s office. Derailing the process now will
not serve victims who have been waiting for compensation to help
them rebuild their lives. We urge all claimants to support
confirmation of PG&E’s plan,” said Roy Miller, victims’
attorney.
PG&E's Plan remains subject to approval by the California
Public Utilities Commission and the Bankruptcy Court. The
Bankruptcy Court is scheduled to hold a hearing on the confirmation
of PG&E's Plan on May 27, 2020, following a vote solicitation
process for relevant parties that is now underway.
A copy of the Bankruptcy Court-approved disclosure statement
with respect to the Plan can be accessed here. All parties are
encouraged to review the disclosure statement.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company
headquartered in San Francisco. It is the parent company of Pacific
Gas and Electric Company, an energy company that serves 16 million
Californians across a 70,000-square-mile service area in Northern
and Central California. Each of PG&E Corporation and Pacific
Gas and Electric Company is a separate entity, with distinct
creditors and claimants, and is subject to separate laws, rules and
regulations. For more information, visit
http://www.pgecorp.com.
Cautionary Statement Concerning Forward-Looking
Statements
This news release includes forward-looking statements that are
not historical facts, including statements about the beliefs,
expectations, estimates, future plans and strategies of PG&E
Corporation and Pacific Gas and Electric Company. These statements
are based on current expectations and assumptions, which management
believes are reasonable, and on information currently available to
management, but are necessarily subject to various risks and
uncertainties. In addition to the risk that these assumptions prove
to be inaccurate, factors that could cause actual results to differ
materially from those contemplated by the forward-looking
statements include factors disclosed in PG&E Corporation and
Pacific Gas and Electric Company’s annual report on Form 10-K for
the year ended December 31, 2019, and their subsequent reports
filed with the Securities and Exchange Commission (the “SEC”),
which are available on PG&E Corporation’s website at
www.pgecorp.com and on the SEC website at www.sec.gov. Additional
factors include, but are not limited to, those associated with the
Chapter 11 cases of PG&E Corporation and Pacific Gas and
Electric Company that commenced on January 29, 2019. PG&E
Corporation and Pacific Gas and Electric Company undertake no
obligation to publicly update or revise any forward-looking
statements, whether due to new information, future events or
otherwise, except to the extent required by law.
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