Bankrupt California utility wants to give $235M in bonuses
SAN FRANCISCO (AP) — Pacific Gas & Electric Corp. is seeking a judge’s approval to pay $235 million in bonuses to thousands of employees despite the California utility’s bankruptcy.
PG&E said in a court filing Wednesday that the money is intended to provide incentives to workers and will not be distributed if the company doesn’t meet safety and financial goals.
It said the bonus program has been restructured with its Chapter 11 case in mind.
PG&E filed for bankruptcy in January in the face of billions of dollars in potential liability from huge wildfires in California in 2017 and 2018.
The utility scrapped its plan to pay $130 million in bonuses for 2018. Attorneys for wildfire victims had objected to the awards.
The new bonus figure is for work in 2019.