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PG&E, California Wildfire Victims Rework $13.5B settlement

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Power Lines

Pacific Gas and Electric has reworked a $13.5 billion settlement with victims of deadly wildfires blamed on the utility to try to prevent it from unraveling after California Gov. Gavin Newsom rejected the company's financial rehabilitation plan.

The revision removes a provision requiring Newsom to approve the deal as a key piece of G&E's plan to emerge from bankruptcy protection by June 30. Newsom had jeopardized the pivotal settlement with the victims of catastrophic wildfires during 2017 and 2018 by refusing to give it his blessing. A bankruptcy judge indicated he may issue his own ruling on the settlement during a hearing Tuesday.