Bankrupt California power producer PG&E Corp is offering $13.5 billion in compensation to wildfire victims as part of a restructuring plan, Bloomberg reported on Monday, citing people with knowledge of the situation.
The same amount has been offered to the victims by a rival group of noteholders led by Pacific Investment Management Co and Elliott Management Corp, according to the report here
PG&E sought Chapter 11 bankruptcy protection in January after massive wildfires struck Northern California in 2017 and 2018, which were blamed on its equipment.
A lawyer for the committee of wildfire victims said last month their claims may be worth $13.5 billion, Reuters reported.
PG&E had previously proposed…