California's bankrupt power producer PG&E Corp said on Friday it had reache...
) said on Friday it had reached a $13.5 billion settlement with victims of some of most devastating wildfires in the state’s modern history.
“With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve,” Chief Executive Officer Bill Johnson said in a statement. The agreed settlement is subject to a number of conditions and requires confirmation by the United States Bankruptcy Court, the company said.
PG&E had previously reached a $1 billion settlement with cities, counties and other public entities and an $11 billion agreement with insurance carriers related to the wildfires.
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