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PG&E enters last stretch of bankruptcy deadline as plan confirmation hearing begins

Utility Dive: The deadline for PG&E's creditors — which include tens of thousands of victims of wildfires that the utility's lines caused in Northern California — to vote on its reorganization plan was May 15. The plan would pay out $25.5 billion to resolve PG&E's fire liabilities, including a $13.5 billion trust, comprising half cash and half company stock, to compensate the victims.

In total, more than 85% of the wildfire victims cast votes accepting the plan, "moving PG&E one step closer to compensating fire victims and emerging from Chapter 11 as a stronger, financially sound company positioned for long-term success," PG&E Corp. President and CEO Bill Johnson said in a statement last week.

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