Wildfire Victims Opposing PG&E Bankruptcy Exit Plan

Northern California wildfire victims are opposing PG&E’s bankruptcy exit plan. They say the settlement filed with the bankruptcy court yesterday would only pay them about half what they’re due. The utility proposes to create one trust for insurance company claims and another to cover individual victim losses, each capped at about $8.5 billion. Victim attorneys say those who lost home and businesses from PG&E-caused wildfires are owed far more and call the offer a non-starter. Company officials say the bankruptcy exit plan would be funded by current shareholders, a possible new public stock offering and new debt financing.