The company, which has a new board and chief executive, said it had put $5.4 billion and its stock in a trust for victims of wildfires started by its equipment.
By Ivan Penn • Published July 1, 2020 | Updated July 28, 2020
Pacific Gas & Electric, California’s largest utility, emerged from bankruptcy on Wednesday and put $5.4 billion in cash and 22.19 percent of its stock into a trust for victims of wildfires caused by the utility’s equipment.
The utility exits bankruptcy as a new company with a restructured board of directors and an interim chief executive officer, Bill Smith. The chief executive who led it for much of the last year, Bill Johnson, retired on Tuesday.
PG&E sought bankruptcy protection in January 2019 after accumulating an estimated $30 billion in liability for fires started by its poorly maintained equipment. One of the blazes, the 2018 Camp Fire, killed scores of people and destroyed the town of Paradise. MORE>>