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Insurers who say they face more than $20 billion in wildfire claims are proposing their own plan to deal with Pacific Gas & Electric’s bankruptcy.
The proposal submitted Tuesday to the U.S. Bankruptcy Court in San Francisco in In re: PG&E Corp. and Pacific Gas and Electric Co., debtors, proposes seeking to end PG&E’s exclusive right to file a reorganization plan.
PG&E said in a statement it opposes the plan.
Features of the complex plan submitted by the insurers, who have created an “ad hoc group of subornation claim holders,” include converting a portion of the claims into new stock.
The plan “not only incorporates a reasonable settlement of the total value of all subrogation Claims, but also preserves the ability of individual fire victims to assert their claims against a well-funded trust and realize a full recovery on their claims,” says the filing.
A July 1 filing with the court includes a 16-page list of insurers who face PG&E wildfire-related claims.
The deadline for objecting to the plan is Aug. 6, and a Aug. 13 hearing is scheduled.
PG&E, which filed for bankruptcy in January, said in a statement that it “has made significant progress in developing a viable, fair, and comprehensive plan of reorganization that will compensate wildfire victims, protect customer rates, and put PG&E on a path to be the energy company our customers need and deserve.”
“This progress includes the work PG&E has done to resolve major, complex issues that must be addressed before the company can emerge from bankruptcy, including reaching a $1 billion settlement with 18 cities and counties affected by wildfires,” according to the statement.
“Terminating PG&E’s exclusive period less than six months after the commencement of bankruptcy proceedings would increase the potential for a long, drawn-out bankruptcy process and create unnecessary delay that would not be in the interest of PG&E customers, employees, and other stakeholders. We will respond to the Ad Hoc Committee of Subrogation Claim Holders within the schedule established by the court.”
Pacific Gas & Electric Co.’s plan to file for bankruptcy protection due to financial woes arising from the California wildfires could hit some insurers investment portfolios as well as generate liability claims, rating agency Moody’s Corp. said in a report on Friday.