PG&E Corp may set up a $105 million housing fund for victims of 2017 and 2018 wi...
SAN FRANCISCO - PG&E Corp may set up a $105 million housing fund for victims of 2017 and 2018 wildfires in California, which set records for devastation and were blamed on the utility’s equipment, the judge overseeing the bankruptcy of the investor-owned power producer ruled on Wednesday.
U.S. Bankruptcy Judge Dennis Montali at a hearing approved a motion by PG&E seeking permission to establish the fund for people who lost homes in the fires and were uninsured or have used up or will exhaust their insurance. Montali said at Wednesday’s hearing he wants to see PG&E’s proposed fund up and running as quickly as possible and urged the company and committees for its unsecured creditors and wildfire victims to try to agree on a fund administrator in five days.
According to PG&E, the $105 million for its fund will come from its available cash. The company’s shares were up 3.6% at $19.12 late on Wednesday afternoon. Montali approved four-month extensions urged by PG&E’s unsecured creditors committee instead of the six months the company wanted.California Governor Gavin Newsom’s office had argued extensions should be capped at 75 days to push PG&E to quickly settle wildfire claims and craft a reorganization plan seeking sacrifices from its investors instead of ratepayers.
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