PG&E Resolves $4 Mln Butte County Fine Issue

(RTTNews) - PG&E Corporation and Pacific Gas and Electric Company said Monday that the satisfaction of the $4 million in fines and expenses associated with the plea agreement with the Butte County District Attorney will not reduce the amount of funds available to satisfy wildfire victim claims under PG&E's Plan of Reorganization.

The company noted that $4 million amount will be funded to the Fire Victim Trust from income earned on the distribution to be made to the subrogation claimants under the Plan. As a result, there will be no reduction in the amount available for wildfire victims.

The resolution ensures that PG&E will remain in full compliance with the funding commitments it has obtained that are critical to its timely and successful emergence from Chapter 11, and, most importantly, to expedite the fair and timely payments to victims.

The overall settlements in the Plan of Reorganization do not increase and will remain $25.5 billion.

PG&E's Plan remains subject to approval by the California Public Utilities Commission and the Bankruptcy Court. The Bankruptcy Court is scheduled to hold a hearing on the confirmation of PG&E's Plan on May 27, 2020.