PG&E Corp asks court approval for setting up $105 million wildfires victims fund

PG&E Corp is of the opinion that authorities are likely to conclude that the November forest fire, California’s most destructive and deadliest fire of modern times, was sparked by its equipment.

In a filing in U.S. Bankruptcy Court in San Francisco, PG&E Corp has sought court approval for a $105 million fund to help house wildfires victims.

According to the filing, PG&E stated the fund would cover housing and other urgent needs for those who have lost their homes in the wildfires of 2017 and 2018.

In 2018, one of the biggest wildfires resulted in the death of more than 80 people and destroyed more than 14,600 housing units, according the California’s Department of Finance.

According to PG&E, its Wildfire Assistance Program was aimed at wildfire victims who did not have insurance cover for their homes or whose insurance for alternate living expenses are likely to be exhausted.

In January, PG&E filed for Chapter 11 bankruptcy protection in anticipation of potentially billions of dollars in liabilities stemming from the wildfires in California, which either have been linked or are suspected to be linked to its equipment.

In its filing, PG&E stated it believes it is authorities are likely to conclude that the November forest fire, California’s most destructive and deadliest fire of modern times, was sparked by its equipment.

PG&E stated, “it will enter into discussions with committees representing unsecured creditors and wildfire victims in its bankruptcy to find an administrator for its proposed fund as soon as possible.”

In the event of a non-agreement on an administrator, PG&E will ask U.S. Bankruptcy Judge Dennis Montali to let it appoint one.

At the May 22 hearing, PG&E is slated to ask Montali for a green light to establish its proposed fund.

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