SAN FRANCISCO--(BUSINESS WIRE)--The PG&E Fire Victim Trust (FVT) today sold 35 million shares of PG&E stock as it continues its work to compensate the victims of fires in Northern California from 2015 to 2018. This follows the sale of the same number of shares in early October.
The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&E’s Chapter 11 Plan of Reorganization. At that time, 476,995,175 shares of common stock were transferred to the Trust. This was followed on August 3, 2020, with an additional 748,415 shares. Any sale, disposition or other transaction involving the Trust’s shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission.
“The price at which PG&E stock traded today supported the sale of 35 million shares. Together with the sale executed in early October, we continue to add to funds available for claimants and execute against our overarching goal to help Fire Victims recover from the devastation of the fires in Northern California,” said Trustee Cathy Yanni.
As of October 28, 2022, the Trust had issued determination notices to 86% of all claimants and paid claimants over $5.36 billion.
The Fire Victim Trust:
The Fire Victim Trust evaluates, administers, processes and resolves eligible claims arising from the 2015 Butte Fire, 2017 North Bay Fires, and 2018 Camp Fire. Under the direction of the Trustee and Claims Administrator, the Fire Victim Trust provides an efficient and equitable process to review claims and compensate Fire Victims for both economic and noneconomic damages caused by these fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, personal injury or death and related medical expenses, and emotional distress. To date, the Fire Victim Trust has disbursed $5.36 billion to Fire Victims. For more information about the Fire Victim Trust, please visit www.firevictimtrust.com.
