PG&E’s Fire Victims Are Set to Become Its Biggest Shareholders

PG&E Corp. proposes to pay half of its $13.5 billion settlement with California wildfire victims in company shares, a move that would make victims the utility’s largest shareholders—and jeopardize payments if PG&E sparks future fires. As part of its plan to exit bankruptcy, PG&E would pay fire-victim claims through a trust funded with equal parts…

PG&E Corp. proposes to pay half of its $13.5 billion settlement with California wildfire victims in company shares, a move that would make victims the utility’s largest shareholders—and jeopardize payments if PG&E sparks future fires.

As part of its plan to exit bankruptcy, PG&E would pay fire-victim claims through a trust funded with equal parts cash and stock. The trust would own 20.9% of PG&E’s shares upon the company’s emergence from chapter 11, PG&E has said, and would gradually sell the stakes over…

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