Consumer Watchdog president Jamie Court criticizes PG&E for its failure to update its equipment, which he says is a reason so many wildfires have sparked in California.
Dec 4 (Reuters) – Bankrupt California power producer PG&E Corp is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, Bloomberg reported on Wednesday, citing people familiar with the matter.
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Shares of the company rose about 13% to $9.62.
PG&E HAD SYSTEMIC PROBLEMS WITH POWER LINE MAINTENANCE, CALIFORNIA PROBE FINDS
The payment will be made half in cash and the rest in stock in the newly reorganized utility, the report said.
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The settlement could mark a major step towards a resolution of the company’s bankruptcy proceedings and give it a big win over a rival group of noteholders that so far had the support of a committee representing the victims.
PG&E EQUIPMENT CAUSED NO DEADLY FIRES THIS YEAR, UTILITY COMPANY SAYS
PG&E said it will continue to work with individual claimants to “fairly and reasonably resolve their claims.”
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(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)
