PG&E planning $11B fund to settle wildfire claims - Bloomberg

Jun. 05, 2019 6:29 PM ETPG&E Corporation (PCG)PCGBy: Carl Surran, SA News Editor31 Comments
  • PG&E (NYSE:PCG) has spoken to California lawmakers about arranging a ~$11B fund to settle claims related to wildfires blamed on the company, Bloomberg reports.
  • The plan calls for a fund that would help finance a pool of capital that would earmark ~$8B to settle wildfire claims from 2017-18 with at least another $3B earmarked for future claims, according to the report.
  • PG&E reportedly has considered the plan in consultation with law firm Jones Day and boutique investment bank PJT Partners, which are advising a group of PG&E equity holders including Knighthead Capital Management, Redwood Capital Management and Abrams Capital Management, which collectively own ~10% of PG&E's shares and recently helped overhaul the board.

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