By Stephen Nakrosis
Shares of PG&E Corp. (PCG) are trading lower in Friday's market, after the company's creditors and victims of wildfires that hit California in 2017 and 2018 said they wanted to present a chapter 11 plan that would compete with the company's proposal.
At 1:22 p.m. ET, shares of the company were trading 6.27% lower, at $11.38. Year to date, shares are down over 51%.
The restructuring plan offered by PG&E would cap payments to victims of the wildfires at $8.4 billion and pay another $11 billion to pay insurance claims. The proposal from bondholders and victims puts the total value of claims at $24 billion, according to court papers.
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