Bankrupt PG&E Corp. (PCG) - Get Report filed a reorganization plan Monday that would see it pay $17.9 billion in compensation for claims stemming from deadly wildfires its equipment ignited in California, the company said in a statement.
The California gas and electric utility filed the plan in U.S. Bankruptcy Court in San Francisco.
Under the proposal, the utility would pay $8.4 billion to compensate wildfire victims, $8.5 billion to insurers who made payments to victims and $1 billion to various local governments affected.
PG&E filed for bankruptcy protection in January following deadly fires in 2017 and 2018.
Shares of PG&E rose $1, or 10%, to close at $11.19 Monday. The stock fell 51 cents, or 4.6% to $10.68 in after-hours action as details of the proposed reorganization plan emerged.