The preliminary plan filed in federal court is part of its effort to exit from Chapter 11 bankruptcy protection by next year.
The company said in court papers it was confident it could raise more than
"Under the plan we filed today, we will meet our commitment to fairly compensate wildfire victims and we will emerge from Chapter 11 financially sound and able to continue meeting
The plan, which must be approved by state regulators, proposes settling aside two trusts totaling
An attorney for the committee of wildfire victims involved in the bankruptcy case said she believes they are owed far more, and will urge the committee to oppose the plan.
"Huge disappointment in their attitude toward compensating victims of the fires,"
The plan's filing came three days after
Mayor London Breed and City Attorney
"We look forward to positive, collaborative discussions with
A May report by the
The city already has its own power system but relies on
Money for the purchase would come from a bond that voters agreed last year the city could use. State and federal regulators would need to sign off on any deal.
Cities previously could use eminent domain to take ownership of assets at fair market value. But under a new law passed by state lawmakers in July, the
Breed, along with