Jun 19, 2019

California wildfires: Power company agrees to pay $1bn for damage

Pacific Gas & Electric Corp has agreed to pay $1bn to local California authorities for wildfire damage blamed on the firm. The settlements will be paid out to 14 different bodies as part of the utility company's bankruptcy reorganisation. The San Francisco-based utility company filed for bankruptcy in January 2019, citing billions of dollars in liabilities from lawsuits it is facing. Because of its bankruptcy reorganisation, any financial agreements PG&E reaches still need to be approved in court. PG&E told the Reuters news agency in a statement that the settlement marked an "Important first step" for "Orderly, fair and expeditious resolution" of wildfire claims against it.

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