Insurers offer competing plan to rescue PG&E from bankruptcy
SAN FRANCISCO (AP) — Insurance companies that say Pacific Gas & Electric owes them more than $20 billion from wildfire claims wants to take over the California utility and pull it out of bankruptcy.
The group of insurers filed court documents Tuesday seeking to end PG&E's exclusive right to file a reorganization plan. They want the right to submit their own plan to wildfire victims and to other PG&E creditors.
Their request came on the eve of a hearing Wednesday, where a federal bankruptcy judge is expected to consider a competing request by a group of PG&E bondholders for the right to submit a restructuring plan.
PG&E filed for bankruptcy in January to deal with an estimated $30 billion in liabilities from wildfires that its equipment may have ignited in 2017 and 2018, including a wildfire last November that essentially wiped out the Northern California town of Paradise and killed 85 people.
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