Why Shares of PG&E Soared on Friday
Shares of PG&E (NYSE: PCG) climbed 10.7% on Friday after the California utility announced an $11 billion deal to settle the majority of claims with insurance carriers related to 2017 and 2018 wildfires. The deal is a big step in the process of reorganizing and exiting bankruptcy, but there are still hurdles ahead.
PG&E filed for bankruptcy protection in late January as part of a plan to deal with upward of $30 billion in wildfire liabilities stemming from a blaze last fall. The so-called Camp Fire in Northern California, which resulted in 85 deaths and massive property damage, was sparked by a PG&E power line.
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Source Fool.com
