Weather Alert

PG&E exits bankruptcy, pays $5 billion into wildfire fund

SAN FRANCISCO (AP) — Pacific Gas & Electric has emerged from a contentious bankruptcy saga that began after its equipment ignited wildfires in California that killed more than 100 people. The nation’s largest utility announced Wednesday it emerged from Chapter 11 bankruptcy and paid $5.4 billion in initial funds and 22.19% of its stock into a trust for victims of wildfires. A federal judge last month approved a $58 billion plan for the company to emerged from bankruptcy by June 30. That was the deadline PG&E had to meet to qualify for coverage from a $21 billion wildfire insurance fund created by California last year.

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