Bankrupt PG&E corporation is attempting to compensate $13.5 billion as part of a restructuring plan to the victims of the wildfire that recently took place in Northern California.
The rival group of creditors, namely Pacific Investment Management and Elliott Management, have also offered the same amount of compensation to the victims.
PG&E is trying to get out of bankruptcy until next year by restructuring a plan for the same. The company went bankrupt due to the malfunctioning of equipment leading to catastrophic wildfires and damaging an estimated $30 billion worth of liabilities.
Governor of California has warned PG&E to come up with a suitable reorganisational plan soon. Even the judge has ordered the victims and PG&E to try an agreement at the earliest.
PG&E has ensured that the victims will receive reasonable and fair settlement very soon.
