Ad Hoc Subrogation Group Reaches Settlement with PG&E

SACRAMENTO, Calif.--(BUSINESS WIRE)-- Today, the Ad Hoc Subrogation Group announced an agreement in principle with PG&E Corporation and Pacific Gas and Electric (together, “PG&E”) in connection with PG&E’s ongoing chapter 11 bankruptcy case. The following is the group’s statement:

“The Ad Hoc Subrogation Group has reached an $11 billion proposed settlement with PG&E. While this proposed settlement does not fully satisfy the approximately $20 billion in group members’ unsecured claims, we hope that this compromise will pave the way for a plan of reorganization that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline.”

The settlement is subject to definitive documentation, and approval by the Bankruptcy Court overseeing PG&E’s bankruptcy case. The settlement is to be implemented pursuant to a plan of reorganization, and subject to confirmation by the Bankruptcy Court.

About the Ad Hoc Group of Subrogation Claim Holders

The members of the Ad Hoc Subrogation Group hold approximately $20 billion in unsecured claims against PG&E arising from the billions of dollars of insurance claims paid to California wildfire victims.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190913005253/en/

ANDREA DUARTE
818.216.3063 | [email protected]

Source: Ad Hoc Subrogation Group

You May Also Be Interested In

• Mercury Launches Exclusive Mutual Fund Products with Morgan Stanley Investment Management and State Street Investment Management
• SEC Proposes New Regulation Crypto Assets
• KBRA Assigns Preliminary Ratings to OBX 2026-NQM12 Trust