Power utility PG&E emerges from Chapter 11 bankruptcy proceedings

PG&E Corp has emerged from Chapter 11 bankruptcy proceedings marking an end to a long-drawn restructuring process which began after its equipment sparked some of the deadliest wildfires in California.

Thanks to a state-backed fund, PG&E managed to get out of the bankruptcy proceedings.

In a statement PG&E said, it had deposited around $5 billion in the wildfire fund. It will fund the wildfire victims trust with $5.4 billion in cash and common stock representing a 22.19% stake in the restructured company.

In June, the company pleaded guilty to 84 counts of involuntary manslaughter stemming from the devastating 2018 wildfire in Northern California which started from its power lines.

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