Deals
PG&E to Plan $11 Billion Fund to Settle Wildfire Claims
- Bankrupt utility has discussed proposal with lawmakers
- Earnings could be redirected into special purpose vehicle
PG&E employees work to fix downed power lines burned by wildfires in Santa Rosa, California, in 2017.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
PG&E Corp. has spoken to lawmakers about putting together a pool of capital worth about $11 billion to settle claims related to wildfires blamed on the bankrupt California utility, according to people familiar with the matter.
The utility has considered the plan in consultation with law firm Jones Day and boutique investment bank PJT Partners Inc., which are advising a group of PG&E’s equity holders that recently helped overhaul its board and appoint Bill Johnson as chief executive officer, the people said.