Pacific Gas & Electric and a group of insurers announced Friday morning that they have reached an $11 billion settlement to cover most claims for the California wildfires of 2017 and 2018.
“While this proposed settlement does not fully satisfy the approximately $20 billion in group members’ unsecured claims, we hope that this compromise will pave the way for a plan of reorganization that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline,” the insurers said.
The settlement must still be approved by a bankruptcy court.