Market Overview

PG&E Trades Higher After Reaching $11B Wildfire Settlement

Share:
PG&E Trades Higher After Reaching $11B Wildfire Settlement

PG&E Corporation (NYSE: PCG) shares are trading higher after the company reported it agreed to a settlement to resolve certain claims on the 2017 Northern California wildfires and the 2018 campfire.

The company agreed in principle with entities representing about 85% of insurance subrogation claims to a $11 billion settlement.

Investigators linked PG&E’s equipment to wildfires that killed dozens of people in recent years.

PG&E says the settlement is subject to definitive documentation and approval of the Bankruptcy Court overseeing PG&E's Chapter 11 case.

"Today's settlement is another step in doing what's right for the communities, businesses, and individuals affected by the devastating wildfires," said Bill Johnson, CEO of PG&E. "As we work to resolve the remaining claims of those who've suffered, we are also focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California's clean energy goals. We are committed to becoming the utility our customers deserve.”

PG&E shares were trading up 8.9% at $11 in Friday’s pre-market session. The stock has a 52-week high of $49.42 and a 52-week low of $5.07.

Correction: An earlier version of this story said the settlement resolved "all claims" from the wildfires.

Related Links:

PG&E Investors Optimistic Following California Senate's Wildfire Measure

Why Bankrupt PG&E Isn't Trading At $0

Posted-In: California wildfires wildfiresNews Legal Top Stories Best of Benzinga

 

Related Articles (PCG)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Friday's Market Minute: Bazookas And Whipsaws

Canada's Fastest-Growing Transport And Logistics Firm Pushes Into US