PG&E to float $31 billion restructuring plan - Bloomberg

PG&E to float $31 billion restructuring plan - Bloomberg
FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage -
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ELIJAH NOUVELAGE(Reuters)
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(Reuters) – Power producer PG&E Corp will propose a $31 billion bankruptcy restructuring plan that will include two funds worth a total of $34 billion (27 billion pounds) to cover past and future wildfire claims, Bloomberg reported on Friday.

San Francisco-based PG&E sought Chapter 11 bankruptcy protection in January after facing liabilities of more than $30 billion in the wake of Camp Fire, California’s deadliest and most destructive wildfire in recent times.

The company did not respond to a Reuters request for comment.

(Reporting by Debroop Roy in Bengaluru; editing by Patrick Graham)

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