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September 16, 2019

PG&E reaches $11B deal with California wildfire insurers

  • The deal removes some of the uncertainty hanging over PG&E as it tries to climb out of its financial pit.
    • By OLGA R. RODRIGUEZ and JULIET WILLIAMS
    Associated Press

    SAN FRANCISCO — Pacific Gas & Electric has agreed to pay $11 billion to a group of insurance companies representing claimants from deadly Northern California wildfires in 2017 and 2018 as the company tries to emerge from bankruptcy, the utility announced Friday.

    The utility said in a statement the tentative agreement was reached with insurance companies holding 85% of the insurance claims from fires that included the November 2018 blaze that destroyed the town of Paradise, killing 86 people.


     
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