Closing Arguments Begin On Confirmation Of Pg&E's Bankruptcy Exit Plan - SFGate

Closing Arguments Begin On Confirmation Of Pg&E's Bankruptcy Exit Plan - SFGate: SAN FRANCISCO (BCN)
PG&E's 16-month-long bankruptcy proceeding moved a step closer to a possible end Wednesday with the start of closing arguments in U.S. Bankruptcy Court in San Francisco on the utility's financial reorganization plan.
PG&E attorney Stephen Karotkin urged U.S. Bankruptcy Judge Dennis Montali to confirm the $58 billion plan, arguing that it will bring "expedited distribution to fire victims."
"That has been the principal goal since PG&E filed in January 2019" for Chapter 11 bankruptcy protection, Karotkin told the judge.
The plan includes a $13.5 billion trust to compensate victims of wildfires caused by breakages in PG&E electrical lines and equipment in the North Bay and Butte County in 2017 and 2018. Half of that fund would come from PG&E stock.
The plan also allocates $11 billion to insurance companies that have paid claims and $1 billion to state and local government entities.
The closing arguments are scheduled to continue through Friday, after which Montali will issue a written ruling at a later date.
Montali's approval is needed before a June 30 deadline for PG&E to be eligible for a $21 billion state wildfire insurance fund for PG&E and two o