The Latest: PG&E Corp. plan offers billions after wildfires

AP

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  • FILE - In this Dec. 12, 2017 file photo, city attorney Dennis Herrera, center, speaks at a news conference next to acting mayor London Breed, left, at City Hall in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu, file)

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    In this Thursday, Aug. 15, 2019 photo, a Pacific Gas & Electric worker walks in front of a truck in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu)

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    This Aug. 15, 2019 photo shows a Pacific Gas & Electric crew working in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu)

  • FILE - In this Dec. 12, 2017 file photo, city attorney Dennis Herrera, center, speaks at a news conference next to acting mayor London Breed, left, at City Hall in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu, file)

  • 1

    In this Thursday, Aug. 15, 2019 photo, a Pacific Gas & Electric worker walks in front of a truck in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu)

  • 2

    This Aug. 15, 2019 photo shows a Pacific Gas & Electric crew working in San Francisco. San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion. Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday, Sept. 6, 2019. (AP Photo/Jeff Chiu)

SAN FRANCISCO (AP) The Latest on PG&E's bankruptcy proceeding (all times local):

3:50 p.m.

PG&E Corp. has released a plan to offer nearly $18 billion to wildfire victims, insurance companies and cities and public entities in California that battled wildfires sparked by electrical equipment.

The preliminary plan was filed in bankruptcy court on Monday.

PG&E sought bankruptcy protection in January because it said it could not afford an estimated $30 billion in damages from recent deadly wildfires caused by company equipment.

The company says in court papers that it could raise more than $30 billion in debt and equity financing from the largest banks in the nation. The company said the strategy will not result in rate increases for its customers.

___

10:30 a.m.

San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion.

Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday.

Breed said in a statement Sunday the offer was "competitive, fair and equitable" and will offer financial stability to PG&E. It doesn't include PG&E's natural gas system in the city.

The utility is set to submit Monday its plan for getting out of bankruptcy, which will include how it intends to repay billions in liabilities from wildfires in 2017 and 2018.

PG&E said in a statement that selling assets to San Francisco wasn't in the best interest of its customers and stakeholders.

 

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