logo
Plus   Neg
Share
Email

PG&E Resolves $4 Mln Butte County Fine Issue

PG&E Corporation and Pacific Gas and Electric Company said Monday that the satisfaction of the $4 million in fines and expenses associated with the plea agreement with the Butte County District Attorney will not reduce the amount of funds available to satisfy wildfire victim claims under PG&E's Plan of Reorganization.

The company noted that $4 million amount will be funded to the Fire Victim Trust from income earned on the distribution to be made to the subrogation claimants under the Plan. As a result, there will be no reduction in the amount available for wildfire victims.

The resolution ensures that PG&E will remain in full compliance with the funding commitments it has obtained that are critical to its timely and successful emergence from Chapter 11, and, most importantly, to expedite the fair and timely payments to victims.

The overall settlements in the Plan of Reorganization do not increase and will remain $25.5 billion.

PG&E's Plan remains subject to approval by the California Public Utilities Commission and the Bankruptcy Court. The Bankruptcy Court is scheduled to hold a hearing on the confirmation of PG&E's Plan on May 27, 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pizza Hut said it is giving away 500,000 free pizzas to 2020 graduates in the Unites States. The pizza chain, owned by Yum! Brands, offers one free medium 1-topping pizza to all diploma/degree earning individuals until supplies last. The company is partnering with America's dairy farmers for the offer, which can be claimed until Thursday and redeemed until June 4. Merck & Co. Inc. on Tuesday announced deals, including an acquisition and two collaborations that will enable the U.S. drugmaker to join the race to develop coronavirus vaccines and drugs. Shares of Merck were rising almost 4 percent in the pre-market. Merck said it has agreed to acquire privately-held Themis, an Austria-based company focused on vaccines and immune-modulation therapies. The U.S. Food and Drug Administration or FDA announced that Acella Pharmaceuticals, LLC recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency. The company is recalling 13 lots of NP Thyroid that are packaged in 100 count bottles in strengths of 30 mg, 60 mg, and 90 mg, with expiration dates between June 20, 2020, and December 20, 2020.
Follow RTT