Category Archives: Bankruptcy

When Thomas Cook, the storied British travel agency that filed for bankruptcy on Monday, needed financial help in recent years, it turned to the Chinese investment firm Fosun International.

Since 2015, the Shanghai-based conglomerate and its chairman, Guo Guangchang, have built up a massive, 18% stake in Thomas Cook, The Guardian reported. The stake was worth as much as $1.5 billion in recent weeks, according to regulatory filings compiled by Bloomberg, before the company became officially insolvent on Monday.

By August, Fosun and Thomas Cook had managed to agree on a deal that would give Fosun 75% control of Thomas Cook's tour business and 25% of its airline, Reuters reported at the time. However, that deal fell through in September, The Guardian reported, as new debts piled up near the end of the summer holiday season.

Thomas Cook is far from Fosun's only stake in Western companies as 52-year-old Guangchang seeks to emulate American "oracle" Warren Buffett. It also owns major stakes in France's competing tour agency Club Med, Cirque du Soleil, an English football club the Wolverhampton Wanderers, insurance and real-estate companies, and more.

"Our goal is very clear. We need to create a Buffett-style investment company, rooted in China but with global capabilities," he told the BBC in a 2014 interview.

Still, he has plenty of room to run. Forbes estimates Guangchang's wealth at $6.3 billion, making him the 41st-richest person in China. For comparison, Buffett is worth an estimated 10 times more, roughly $82.5 billion.

An earlier version of this story incorrectly said Fosun's 18% stake in Thomas Cook was "controlling." It is not a majority stake, despite Fosun being the company's largest shareholder. It also has no board representation, a representative said.

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The 'Warren Buffett of China' could lose $1.5 billion in Thomas Cook's bankruptcy - Business Insider

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PG&E and its shareholders are facing a serious challenge to their control of the companys high-stakes bankruptcy.

Two factions have formed in the proceedings, and each group has introduced a plan to steer the California utility out of bankruptcy. On one side is PG&E (ticker: PCG) and its shareholders, along with wildfire insurance claimants, a group that includes insurers and hedge funds. On the other is PG&Es bondholders and wildfire victims.

The latter group didnt announce itself until late last week. A consortium of bondholders and wildfire victims is seeking permission to introduce a reorganization plan to compete with PG&Es. The judge overseeing the bankruptcy proceedings will hold a hearing on that request on Oct. 8, court filings show, and a status conference on Jan. 24.

Bondholders and wildfire victims included a restructuring plan in their initial filing, and provided more detail in investor commitment letters filed on Monday. Their proposal provides far worse terms for shareholders than the plan PG&E (and its shareholders) filed on Sept. 9.

To review: PG&Es plan would raise $14 billion with some form of equity issuance, and $7 billion from new debt. The equity could be issued through a rights offering in some circumstances, which would limit the dilution of existing shareholders current stakes. But the utility also reserves the right to sell shares through methods such as at-the-market offerings, which have been used by some companies that arent seen as especially friendly to shareholders.

Whats most important in PG&Es proposal, however, is the $18.9 billion cap on wildfire paymentsat least, any payments financed with new equity or debt. For any costs above that cap, the utility would need to charge its customers more, or issue electricity-rate-backed bonds. Either action would need to be approved by its regulator, the California Public Utilities Commission or CPUC.

That cap matters because the company agreed last week to settle most wildfire insurance claims for $11 billion. The most recent public data show that 44% of PG&Es insurance claims were held by hedge funds, with the rest held by insurers. Altogether, the hedge funds and insurance companies also owned 34.1 million of the utilitys shares, or 6.4% of the companys outstanding stock.

Simple arithmetic shows that wildfire victims would get just $7.9 billion of the new money if the cap remains at $18.9 billion. When asked about the way it would allocate funds between the two groups of wildfire claimants (victims and insurers), PG&E said that the details of its reorganization plan would likely change over time.

We remain committed to working with the individual plaintiffs to fairly and reasonably resolve their claims and will continue to work to do so, the company said in a statement. Our progress toward a final [reorganization plan] is iterative.

Even so, the utilitys proposal seems to have alienated wildfire victims, who have joined with bondholders to write an opposing plan. The bondholders, such as Pimco and Elliott Management, were rebuffed in an earlier attempt to propose a restructuring plan. But that was before they had the wildfire victims as co-authors.

The new coalition has also won support from the Utility Reform Network, a ratepayer advocacy group that raised questions about the feasibility of PG&Es plan in a Sept. 19 filing.

The bondholders new plan creates a trust to hold $24 billion on behalf of wildfire victims and insurance claim holders. Half of that sum would be in cash, and the other would be shares, or a roughly 39.5% stake in the new company (on a fully diluted basis). Wildfire victims would also have the authority to choose the trusts overseers.

Under their plan, bondholders would commit to buy $13.5 billion of new debt and $14.9 billion of new equity, or a roughly 58.8% stake in the new company (fully diluted). Nearly $8 billion of that debt would be secured by a mortgage on all principal property of PG&E, according to the filing. The utility didnt have any secured debt outstanding before it filed for bankruptcy.

Unsurprisingly, the plan leaves bondholders and wildfire victims with the largest stakes in the company. Existing shareholders would get the opportunity to buy a 2.9% stake in the company, or $744 million of new shares.

Bondholders and wildfire victims would also replace the companys nine-member board, allotting one seat to the companys employees, one seat to a ratepayer advocacy group, and one seat to the state wildfire fund.

They would also agree to oppose any attempt to municipalize any part of the business, meaning sell its infrastructure to a local government so the municipality could run its own electrical utility. That is seen partly as a concession to organized labor, because breaking up the company could also break up the companys employee union.

That group has already reported a larger pool of capital willing to backstop the sale of new equity and debt than the shareholders have. They have commitments from 12 investment firms for all $28.4 billion of new-money investment.

On the shareholders side, Knighthead Capital and Abrams Capital have agreed to backstop the plan with $1.5 billion of financing. The company said in a Monday news release that it had received at least $14 billion in aggregate equity commitments from a broad array of investors, including current shareholders, bondholders and parties not currently invested in the Companys equity or debt securities, but hasnt filed additional commitment letters yet.

Write to Alexandra Scaggs at alexandra.scaggs@barrons.com

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PG&E Bankruptcy Battle Continues as Bondholders and Wildfire Victims Propose Plan - Barron's

Oilfield service company Weatherford International moved forward with the second phase of its bankruptcy proceedings filing in Ireland.

The company, which is incorporated in Ireland but has a large presence in Houston, filed for a type of bankruptcy protection known as a "scheme of arrangement" before an Irish court on Monday.

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Under Irish law, the filing triggers a 100-day protection period from creditors while a judge reviews the company's reorganization plan.

In a filing with the U.S. Securities and Exchange Commission, Weatherford stated that the companywill continue normal operations while the Irish case remains pending. The company stated in the filing that it expects the scheme of arrangement in Ireland to mirror an approved Chapter 11 bankruptcy plan filed in the United States.

Service Sector: Bankruptcy judge accepts Weatherford reorganization plan

A bankruptcy judge in Houston issued a Sept. 11 order accepting Weatherford's Chapter 11 reorganization plan in the United States.

The U.S. plan gives the struggling oilfield service company access to $600 million in credit and the ability to issue $1.6 billion of notes that will be used to pay down debt.

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With roots going back to 1941, Weatherford had grown to become the nation's fourth-largest oil field services company but racked up $10 billion in debt along the way.

Headquartered in Switzerland but with its principal offices in Houston, the struggling oilfield service company has not made a profit since the third quarter of 2014.

With a bleak outlook for demand during the rest of 2019, Weatherford has been supplementing its operations with cash from investing and financing activities.

Read the latest oil and gas news from HoustonChronicle.com

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Weatherford moves forward with bankruptcy proceedings in Ireland - Houston Chronicle

Wednesday, September 25, 2019

On September 11, 2019, Hollister Construction Services, LLC filed for Chapter 11 bankruptcy protection in the District of NJ, Trenton Vicinage. The Parsippany-based construction company deals in general construction work, including ground-up construction services, interior and exterior renovations, and building additions.

When a developer such as Hollister files for bankruptcy the business and financial consequences do not stop with the filing company. Instead, dozens of other businesses and individuals involved in any given construction project become caught in a web of complex laws and regulations that often result in substantial delays and subcontractors not being paid in accordance with their contracts.

Despite these frustrations, it may not be a good idea for a design professional, consultant, or subcontractor working under contract for a corporation that has filed for bankruptcy to pack up their equipment and leave the job site. This is because most construction contracts between general and subcontractors are executory in nature. This generally means they are able to be revived by the bankrupt entity.

Bankruptcy is governed by federal law and its principal goal is to treat all similarly situated creditors equally while also avoiding a race to the courthouse among creditors who have not been paid for their work. In order to participate in any potential distribution of proceeds from the bankruptcy entitys estate, a creditor must file a proof of claim by a date specified by the bankruptcy court. The claim represents a pre-petition debt owed by the debtor to the creditor and can include contingent contractual damage claims such as damages for delays on an uncompleted project.

In a construction context, subcontractors often obtain secured claims by filing a lien against a project prior to the project owner or developer filing for bankruptcy. These claims are first in line to be paid by the bankruptcy estate. Priority claims are next in the line of distribution. These claims can be for unpaid wages and benefits as well as consumer deposits. Finally, general unsecured claims are paid last and can be for any debt such as unpaid fees for professional services or a debt owed to a supplier of materials.

A bankruptcy filed by a construction company creates numerous complex problems from the standpoint of subcontractors, materialmen, and designers due to the vast number of entities involved in a single construction project and their interconnected nature. In the case of Hollister, according to its bankruptcy petition, it has between 200 and 999 creditors with $100 million to $500 million in assets and $100 million to $500 million in liabilities. The company also has approximately 94 employees. With a construction company as large as this, it is highly recommended that any potential creditor seek the advice of experienced legal counsel before stopping work or attempting to collect on a contractual debt. An unexperienced creditor may run afoul of bankruptcy statutes when trying to collect on its debt, which could result in that debt going unpaid.

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Hollister Construction files for Chapter 11 Bankruptcy - The National Law Review

The Roman Catholic Diocese of Rochester was the first in New York to seek bankruptcy protection under the financial weight of new sexual misconduct lawsuits, but lawyers and church leaders say it may not be the last. The state's eight Roman Catholic dioceses are facing financial pressures as a result of the state's new Child Victims Act.

The Child Victims Act temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. More than 400 cases have been brought against the dioceses since Aug. 14, when the law's one-year "look back" period for such suits began.

Representatives from the dioceses of Buffalo, Rockville Centre, Albany and Ogdensburg told The Associated Press they haven't decided as they consult with legal, financial and insurance experts. When the Rochester diocese filed for bankruptcy on Sept. 12, it estimated assets as low as $50 million but financial liabilities as great as $500 million, according to the Rochester Democrat & Chronicle newspaper.

"While we evaluate our options, filing for bankruptcy protection remains one of those options," said Darcy Fargo, spokeswoman for the Diocese of Ogdensburg, which covers the rural, northernmost tip of the state.

Buffalo Bishop Richard Malone has said he is close to deciding whether to file for bankruptcy protection or litigate the nearly 140 new lawsuits his diocese is facing.

The Diocese of Albany, meanwhile, faces more than 30 lawsuits so far, but spokeswoman Mary DeTurris Poust said the diocese won't make any decision until "the full financial scope" of the Child Victims Act is known.

Filing for bankruptcy doesn't mean a diocese will close churches, but it offers a chance for financial reorganization. It could also shield the Rochester diocese from some financial claims, the Democrat & Chronicle added, with Rochester Bishop Salvatore Matano saying that the legal claims could "exceed our resources."

The Diocese of Rochester sought bankruptcy court protection Sept. 12 because of the new wave of lawsuits, becoming the 20th Roman Catholic diocese to do so nationwide in a sexual abuse reckoning that has now stretched on for 17 years.

Bankruptcy proceedings don't immunize dioceses from lawsuits, but they put claims under the supervision of a federal bankruptcy judge and require victims to get in line with all other potential church creditors. Plaintiffs' attorneys say proceedings also can limit their access to records exposing additional wrongdoing by priests or senior church officials who failed to act against suspected abusers.

With New York's window for lawsuits open until next August, attorney Michael Pfau, who has represented abuse victims in church bankruptcies outside New York, said additional bankruptcies are likely.

Such filings are usually met with distrust by claimants, Pfau said, but can have positive results.

"Bankruptcy in the context of the Catholic Church is a misunderstood thing, in that this isn't a liquidation, it's a reorganization," Pfau said. "The Catholic Church in Rochester will continue. Its mission won't be affected. It won't sell churches and schools and a hospital, but it will be a painful process for them, a self-inflicted painful process."

The Rochester diocese's bankruptcy filing outraged the Senate sponsor of the Child Victims Act, Brad Hoylman, who said victims he has spoken to are motivated more by a sense of justice than money. A silver lining, he said, is that any diocese that seeks bankruptcy protection will see its assets scrutinized.

"It will lead to an accounting of the wealth of these institutions," he said.

Rochester's bishop, Salvatore Matano, called the decision to file for bankruptcy painful but said it was the best way to ensure all victims would be compensated.

"Had the diocese not filed under Chapter 11, it would face multiple civil actions, a slow, unpredictable and costly process that would require years of court involvement," he said, "and those claimants who filed suits first would receive all available funds to pay victims. As a result, later claimants would receive nothing."

Two New York dioceses that are among the largest in the U.S., the Archdiocese of New York and the Diocese of Brooklyn, as well as the Diocese of Syracuse, said they didn't anticipate having to file for bankruptcy.

Several dioceses in the state attempted to head off lawsuits in recent years by establishing independently run compensation programs that paid out tens of millions of dollars to victims, on the condition that they gave up their right to sue.

Insurers have covered a large portion of settlements reached in previous diocesan bankruptcy cases, a 2018 study by Penn State professor Marie Reilly found, with victims receiving an average award of $371,500.

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A New York diocese filed for bankruptcy. Why more may follow - CBS News

Yesterday, hundreds of thousands of travelers around the globe found out that they were potentially stranded when Thomas Cook, one of the largest and oldest travel agencies and charter airlines in the world abruptly announced it was bankrupt. The firm immediately began liquidating assets and laid off its 22,000 employees. The event has put the British government on the hook for bringing 150,000 of its citizens home, the largest repatriation effort by the country since World War II.

Patrick Collinson at the Guardian reports that the 178-year-old travel company has experienced financial troubles for the past decade after merging with another travel group called MyTravel. Cook absorbed that companys substantial debts while at the same time contending with increasingly competitive online travel hubs. That, plus a decline in bookings following Brexit uncertainty, all led up to the situation on Monday. When the company was denied a $250 million loan from private investors to stay afloat, it led to the immediate dissolution of the company.

Ben Perry at AFP reports that the bankruptcy has forced the government to step in. In a project dubbed Operation Matterhorn, the U.K. government and Civil Aviation Authority are lining up private flights to bring people home. All customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date, the government wrote in a statement. It's not clear what, if any, type of arrangements are being made for non-U.K. travelers.

Any future travel plans arranged through Thomas Cook are canceled and customers will be refunded, mainly through government-back insurance, as Ceylan Yeginsu and Michael Wolgelenter at The New York Times report. The insurance will also reimburse hotels for customer stays, but some resorts dont appear to have been made aware of that. Nightmare scenarios from people currently on vacation are slowly coming to light. Ian Westbrook at the BBC reports that all guests booked through Thomas Cook in one hotel in Spain had been locked out of their rooms and forced to pay out of pocket if they wanted to get back in. Several couples of elderly people were reported sleeping on couches in the hotel lobby. Molly Olmstead at Slate reports that up to 50,000 people are currently stuck on various Greek islands.

The New York Times reports that the shuttering of the company could have major impacts on certain destinations that rely heavily on Cooks travel packages. The island of Crete, for example, receives 400,000 visitors booked by Cook annually. The Canary Islands receives about 3.2 to 3.6 million visitors via Cook charter flights each year.

Thomas Cook was started back in 1841 by cabinet maker Thomas Cook of Leicestershire, a supporter of the temperance movement. At that time, he arranged for a special train to carry supporters 12 miles to a temperance rally. As CNN reports, Cook continued to organize trips to temperance events and Sunday schools until 1845 when he organized his first commercial trip to Liverpool, complete with a travel guide for the event.

From there, things snowballed, and a decade later Cook was organizing trips to visit continental Europe, the United States and Egypt. In 1872, the company, continued by Cook's son, even put together the first round-the-world tour. Over time, it became the largest tour operator in Britain. It was considered so important that, after World War II almost bankrupted it, the tour agency was nationalized from 1948 to 1972.

When the company asked the government for a bailout this time around, the Boris Johnson administration said no. The New York Times reports that U.K. transportation secretary Grant Shapps pointed out that the company was billions of dollars in debt, and that a short-term bailout would not have saved it in the long run.

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Bankruptcy of U.K.'s Largest Travel Operator Strands Thousands of Vacationers - Smithsonian.com

Filed for bankruptcy, or thinking of filing, and wondering how long it'll mess up your credit report?

The short answer is that it depends on which type of bankruptcy you filed.

Although bankruptcy filings stay on your credit report for up to a decade, the effect on your credit score diminishes over time until it drops off your report completely.

Read on for the different types of bankruptcy, how they impact your credit score and report, plus how you can minimize the impact on your credit reports and what you should do in the aftermath.

hakafot | Shutterstock

Chapter 7 bankruptcy is the classic bankruptcy measure for people who have defaulted (that is, failed to pay) their loans. Filling for Chapter 7 forgives most debts, including:

Chapter 7 bankruptcy stays as a negative mark on your credit report for 10 years (from the date of filing). Filings also could cause your credit score to drop by as much as 200 points or more.

Any debts that were wiped away by filing for Chapter 7 bankruptcy will be included on your credit report.

To qualify for Chapter 7 bankruptcy, you must first pass a means test that assesses your income and assets-to-debt ratio. Often, property, cars and other valuables might have to be liquidated in order to pay back as much of the debt as possible but some day-to-day essentials that you own might be exempt under law, like your house or computers you use for work.

Chapter 7 bankruptcy (unfortunately) doesnt apply to student loans, taxes, criminal fines, alimony or child support. There are some consequences you can't escape.

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Chapter 13 bankruptcy, also known as wage earners bankruptcy, is for people who earn too much to qualify for Chapter 7 but not enough to meet creditors' immediate payment requirements.

As with Chapter 7 bankruptcy, filing for Chapter 13 bankruptcy will torpedo your credit score, and the filing will remain on your credit report for seven years. If you need to apply for another loan during that time, youll need to file a motion and obtain the courts permission first.

Under Chapter 13 bankruptcy, the court creates a payment plan for you to repay your debt over the span of three to five years.

After that span of time, any remaining debts are wiped clean meaning that your creditors may not get the full amount you owe them. Chapter 13 bankruptcy allows you to repay some of your debt while still holding on to your assets, including cars, jewelry and property.

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What's interesting is that there's no minimum amount of time for bankruptcy to stay on a credit report. Ten years is the maximum but you might get a bankruptcy removed sooner. So get a free credit score and credit report and look really closely for mistakes.

If you find any errors with your personal information, debts, creditors, timelines or other information, file a dispute with the credit bureau. Any entries related to your bankruptcy must appear on your credit report correctly, and mistakes could force a credit bureau to remove the bankruptcy from your report.

If you don't find anything, bad news: You're stuck with the bankruptcy on your credit report. The good news? Bankruptcies automatically fall off your credit report after the designated amount of time.

If you notice that a bankruptcy doesn't come off your credit report after the expiration date, you should file a dispute with the credit bureaus.

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Double-check your credit report after your debts are discharged. Make sure that only the accounts that were part of your bankruptcy got reported to the credit bureaus. Any mistakes could ding your credit score even more, so they should quickly be reported. You can start by getting your free credit report and credit score from Experian.

Rebuild your credit with a secured credit card but be sure to be cautious when applying for new credit cards after receiving a discharge, debtors often get offers for new credit cards. If you do opt to sign up for a credit card, look into a secured card as a way for you to slowly rebuild credit.

Budget, budget, budget. Its one thing if you had to declare bankruptcy for an unforeseen emergency like medical bills or unexpected lay-offs those things are beyond your control. If you got into debt due to reckless spending, consider having a hard talk with yourself about your spending habits so you can avoid filing for bankruptcy again in the future.

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There's no shame in needing help managing your debt, but because of the damage to your credit score, bankruptcy should be a last-ditch resort for those whose debts have run wild and peaked over 50% of their annual income.

If you qualify for Chapter 13 bankruptcy, it may be wise to consult with a debt relief agency to figure out if it's the easier road to take.

Be sure to weigh alternative debt relief strategies, such as:

And consider whether you might benefit from using a debt snowball or debt avalanche repayment strategy to keep you on track to go debt-free.

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How Long Will Bankruptcy Haunt Your Credit Reports? - Yahoo Finance

After a disastrous bankruptcy, British-based travel company Thomas Cook's collapse has left 600,000 people stranded across the world.

A Thomas Cook flight attendant said she found out she lost her job via Facebook. One man reported that a Tunisian resort was "holding travelers hostage" until they pay the money it said it was owed by Thomas Cook.

While corporate bankruptcies are often chaotic for employees and executives, the world's worst company collapses have shaken up entire world markets.

Read more: Passengers share vacation disasters from the Thomas Cook collapse, including a ruined $41,000 wedding and 'being held hostage' by angry staff at a Tunisian hotel

Lehman Brothers' collapse helped push the global economy toward the financial crisis. Pan American World Airways' bankruptcy shattered an global symbol of American travel. The Enron scandal showcased the lengths some corporate financers would go to defraud investors.

Earlier collapses like the Medici Bank and the South Sea Company became markers of their eras.

Here are 9 of world's worst corporate downfalls of all time:

Link:

Thomas Cook, Enron, Lehman: The worst company collapses, bankruptcies - Business Insider

The Catholic Diocese of Syracuse says it doesnt anticipate filing bankruptcy in light of an increasing number of lawsuits under New York States expanded Child Victims Act.

The law allows the victims of child sex crimes to pursue legal action not only against their accused attacker but that persons employer or associated agencies even decades after the incident.

The Roman Catholic Diocese of Rochester was the first in New York to seek bankruptcy protection as a result of sexual misconduct lawsuits.

The Associated Press reports all eight dioceses in New York face financial pressure under the expanded law giving victims a year to go ahead with old claims that would not be followed under New Yorks old statutes of limitation.

AP says the Dioceses of Albany, Buffalo, Ogdensburg and Rockville Center said they had not decided on any bankruptcy filing while Syracuse and the Archdiocese of New York both said they didnt anticipate asking for financial protection. The Diocese of Brooklyn flat out said it was not considering bankruptcy.

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Catholic Churches in New York Weigh Bankruptcy Option - wnbf.com

SAN FRANCISCO (Reuters) - The committee for wildfire victims in the bankruptcy of PG&E Corp said in a court filing on Thursday it was prepared to present a $24 billion reorganization plan for the power provider.

The committee, joined by a group of unsecured noteholders, said in the filing in U.S. Bankruptcy Court in San Francisco that the plan would provide for a comprehensive settlement of all claims against PG&E stemming from massive California wildfires in recent years that have been blamed on the companys equipment and that pushed it to seek Chapter 11 bankruptcy protection in January.

San Francisco-based PG&E earlier this month filed an outline of a reorganization plan that would pay $17.9 billion for claims stemming from wildfires, including up to $8.4 billion for individual wildfire victims.

When PG&E filed for bankruptcy, it anticipated wildfire liabilities topping $30 billion.

Our plan of reorganization sets forth a framework to meet PG&Es legal obligations in full while prioritizing victims and customers, the company said responding to the committees filing.

According to the filing, the committees reorganization plan would create a trust to pay wildfire claims that would be funded with $12 billion in cash and $12 billion in shares in a reorganized PG&E.

Investors including bondholders Apollo Capital Management and Elliott Management Corp among others would commit more than $28 billion in new money to PG&E, leaving them with nearly 59% of shares and new debt in the reorganized company, the filing said.

The trust for wildfire claims would control roughly 40% of shares in a reorganized PG&E, the filing added.

Apollo, Elliott and other PG&E bondholders in June proposed a reorganization plan putting up to $31 billion into PG&E, including up to $18 billion to pay pre-bankruptcy wildfire claims.

That plan would have left the bondholders with 85% to 95% of shares in a reorganized PG&E in exchange for a cash contribution of $19 billion to $20 billion. They would also have exchanged unsecured debt for secured debt.

PG&E and several of its large shareholders, including Abrams Capital Management and Anchorage Capital Group among others, opposed the bondholders initial plan.

Thursdays filing also said the committees plan - the third proposed overall - would cover payments for so-called subrogation claims by insurers.

PG&E recently unveiled an $11 billion settlement with insurance companies over payments they made to individuals and businesses with coverage for wildfire damage to property. The insurers had initially pegged their claims at $20 billion.

Reporting by Jim Christie; Editing by Peter Cooney and Christopher Cushing

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Wildfire victims in PG&E bankruptcy to present $24 billion reorganization plan - Reuters