California power provider PG&E is reportedly extending billions of dollars in compensation to wildfire victims. It's part of a restructuring plan to help get the company out of bankruptcy.
Sources with knowledge of the situation told Bloomberg PG&E is offering $13.5 billion to people affected by fires that were sparked by its power lines.
PG&E's offer reportedly matches one made to wildfire victims by a group of the company's creditors in a rival reorganization proposal.
But Bloomberg says the two sides are clashing over the finer details, including the payout's structure and how much of it should come in the form of cash and stock.
PG&E filed for Chapter 11 bankruptcy protection back in January after its equipment was linked to multiple destructive wildfires in northern California in 2017 and 2018.
The company has been trying to come up with a plan to emerge from bankruptcy. And if it's able to do so by June 2020, it will be able to participate in a new state wildfire fund, which will help California's investor-owned utilities cover liabilities related to future wildfires.
