Pacific Gas and Electric Company (PG&E) is near closing on a $13.5 billion payout to victims affected by California wildfires that were caused by its power lines, according to a Bloomberg report.

The utility giant would pay half in cash and the other half in stock for the newly organized company, people familiar with the matter said.

Reaching a settlement with the individual victims of the wildfires sparked by its equipment would be a major step toward resolving the company’s bankruptcy filed in January after facing $30 billion in liability from hundreds of lawsuits from fires in 2017 and 2018.

The company proposed paying victims a maximum of $8.4 billion in September. In a statement to Fox News, PG&E said it was “committed to satisfying all wildfire claims in full” as required by law and laid out in its bankruptcy plan.

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It said that PG&E has already reached settlements with two of the three major groups of wildfire victims in its bankruptcy proceedings, which include a $1 billion settlement with cities, counties and public entities and an $11 billion agreement with insurance companies that have already paid claims for 2017 and 2018 wildfires.

A helicopter drops water on the Cave Fire burning along Highway 154 in Los Padres National Forest, Calif., above Santa Barbara. (AP Photo/Noah Berger)

The company did not comment on the new developments in the Bloomberg report, as mediation discussions are confidential, it said.

PG&E has spent months trying to negotiate a restructuring plan to emerge from bankruptcy by the middle of next year.

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The compensation of individual wildfire victims has proved the most formidable of negotiations for the company. After the company initially offered a mere $8.4 billion, California Gov. Gavin Newsom threatened a state takeover if the utility could not reach a deal with creditors and wildfire victims soon.

PG&E has invoked outrage across the state for imposing blackouts on millions of Californians during high winds to keep its power lines from igniting more wildfires. In October alone, PG&E imposed mass blackouts four times.

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Additionally, equipment from PG&E sparked two fires in the northern part of the state, which was not a part of the blackout. The fires started in an area where the power was left on because it was not seen as a high fire risk.