SAN FRANCISCO (KRON) – PG&E has filed a Chapter 11 bankruptcy reorganization plan in what the company claims is another step to compensate wildfire victims.
If the court approves the plan, the utility company’s liability would be limited to $17.9 billion.
A lawyer representing wildfire victims says she is disappointed by PG&E’s plan to cap the payment.
San Francisco is offering PG&E $2.5 billion to buy up power lines and other equipment that serve the city in an effort to break up the utility company.
Mayor London Breed made the offer in a letter, saying the offer will present financial stability to PG&E.
It doesn’t include PG&E’s natural gas system in the city.
In a statement, PG&E said that selling assets to San Francisco wasn’t in the best interest of its customers and stakeholders.
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