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PG&E Reiterates Commitment To Plan Of Reorganization

PG&E Corporation and Pacific Gas and Electric Company reiterated commitment to its plan of reorganization. The Plan will satisfy all wildfire claims in full, and presents a viable path for PG&E to achieve regulatory approval and confirmation of its Plan in advance of the June 30, 2020 statutory deadline, the company said.

PG&E said it will be able to participate in the state's new go-forward wildfire fund, by resolving the Chapter 11 prior to the end of June 2020.

This week, PG&E confirmed that it has finalized commitments from several leading financial institutions totaling $34.5 billion to provide debt financing in support of its Plan.

The company said its plan would compensate wildfire victims and certain limited public entities from a trust funded for their benefit in an amount to be determined in an estimation proceeding not to exceed $8.4 billion.

The company will compensate insurance subrogation claimants from a trust funded for their benefit in the amount of $11 billion in accordance with the terms of the Subrogation Claims Settlement and Restructuring Support Agreement, to be approved by the Bankruptcy Court, the company said.

The company would pay $1 billion in full settlement of the claims of certain public entities like cities and counties relating to the wildfires, as previously announced.

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