Market Overview

PG&E's Stock Soars On Report Company Nears Wildfire Settlement

PG&E's Stock Soars On Report Company Nears Wildfire Settlement

PG&E Corporation (NYSE: PCG) stock jumped more than 20% Wednesday after a report the utility is nearing a settlement with victims of California wildfires started by its power lines.

The company is closing in on a $13.5 billion settlement in its bid to resolve the largest utility bankruptcy in American history, Bloomberg reported, citing sources close to the talks that it didn't name.

PG&E would pay half the amount in cash upfront and the rest in stock in a reorganized utility paid out over several months, the report said.

No final agreement has been reached, however, and the talks could still fall apart, the sources said.

PG&E said in a statement it's “committed to satisfying all wildfire claims in full” as required by law and laid out in its bankruptcy plan.

A representative for the wildfire victims declined to comment to Bloomberg.

PG&E's stock traded higher by 22.3% to $10.44 per share at time of publication.

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