California’s bankrupt power producer PG&E Corp said on Friday it had reached a $13.5 billion settlement with victims of some of the most devastating wildfires in the state’s modern history.
The agreement helps smooth the way for the beleaguered company to emerge from bankruptcy. It filed for Chapter 11 protection in January, citing potential liabilities in excess of $30 billion from wildfires in 2017 and 2018 linked to its equipment.
