PG&E Corp. said Monday it believes thousands of Northern California wildfire victims have approved the utility’s $13.5 billion payout plan, clearing the way for PG&E to emerge from bankruptcy.
In a prepared statement, the company said that, based on preliminary results, the plan has won “overwhelming acceptance” from the approximately 70,000 victims who were eligible to vote.
The $13.5 billion is designed to compensate victims for their uninsured losses from a series of major wildfires blamed on PG&E’s faulty equipment. That includes the 2017 wine country fires and the November 2018 Camp Fire, which killed 85 people and destroyed more than 10,000 homes in Paradise.