PG&E

Pacific Gas and Electric announced Friday it has reached a tentative USD 13.5 billion settlement resolving all major claims related to the deadly, devastating Northern California wildfires of 2017-2018 that were blamed on its outdated equipment and negligence. The utility says the deal, which still requires court approval, represents a key step in leading it out of Chapter 11 bankruptcy. The deal is expected to resolve all claims arising from a series of deadly 2017 Northern California wildfires and the 2018 Camp Fire, which killed 85 people and all but incinerated the town of Paradise. It also resolves claims from the 2015 Butte Fire and Oakland's 2016 Ghost Ship Fire. "From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal," Bill Johnson, PG&E Corporation's CEO and president, said in a statement Friday. "We want to help our customers, our neighbors and our friends in those impacted areas ...

The company landed in bankruptcy again in January as it grapples with an estimated $30 billion in potential liabilities from wildfires that its equipment ignited or likely ignited in 2017 and 2018

The financing was included in a PG&E filing defending its exclusive right to move forward with a plan to exit the largest utility bankruptcy in US history

The verdict followed a nearly six-week-long trial in San Francisco