Victims of wildfires started by Pacific Gas and Electric Co. and bondholders who want to seize control of the utility’s parent company sought to convince a bankruptcy judge Monday that they should be allowed to introduce their own plan to restructure the business.

The bondholders and a bankruptcy committee that represents victims have outlined a proposal that would create a trust of $14.5 billion from which PG&E would pay claims of people who lost homes and loved ones in fires started by the company’s power lines. The two groups asked U.S. Bankruptcy Judge Dennis Montali to let them advance their plan by breaking PG&E’s exclusive control over the case.

Montali did not issue a ruling at a hearing in San Francisco but said he would try to “get a very quick decision out.”

PG&E currently wants to resolve its bankruptcy case by creating an $8.4 billion trust from which victims’ claims would be paid and provide $11 billion to reimburse insurance companies that compensated people affected by 2017 and 2018 disasters. PG&E also agreed to pay $1 billion to a group of local governments.

Fire victims think PG&E’s proposal is billions of dollars insufficient. They also believe that allowing two reorganization plans to move forward will keep the bankruptcy case on track for a resolution by June 30 — a deadline set by a new law in order for PG&E to access a fund that will protect it from future wildfire costs. Competition will ensure that the case can continue moving along quickly if PG&E’s current proposal doesn’t pan out, victims’ attorneys contend.

“This case is one of the unique cases where we do need to have a second plan by a well-funded plan proponent out there,” said Cecily Dumas, an attorney for the victims’ committee, at the hearing.

PG&E argued in court papers that the plan backed by the victims’ group is inappropriate in part because it provides bondholders an “unjustifiable economic windfall” of about $5.5 billion. Rather than allowing two proposals to advance, company wants Montali to appoint a mediator who can resolve the dispute about how much money PG&E needs to set aside for victims.

Stephen Karotkin, an attorney for PG&E, said at the hearing that “we are at a crossroads in this case” and that if two plans go forward, the other groups “will be emboldened to pursue their own plan and much less likely to agree to a compromise.”

“Create the atmosphere to achieve a global consensus and that’s how these cases will move forward,” Karotkin told the judge.

PG&E’s wildfire problems are also being sorted out in two other courts. U.S. District Judge James Donato is estimating how much money PG&E is on the hook for because of its role in all recent disasters, and he convened a separate hearing Monday about how that process will unfold.

At the hearing, Donato decided to start a trial on Feb. 18. He expects it to last two or three weeks, and the proceedings will involve not just experts’ comments but also testimony from victims and PG&E employees with firsthand knowledge of the fires.

“I want to hear from the people who were actually involved,” Donato said.

Additionally, the company’s role in the 2017 Tubbs Fire is the subject of a trial in San Francisco Superior Court scheduled for January. California investigators said that blaze, which killed about two dozen people and destroyed several thousand homes, wasn’t started by PG&E. But victims’ attorneys dispute that conclusion.

J.D. Morris is a San Francisco Chronicle staff writer. Email: jd.morris@sfchronicle.com Twitter: @thejdmorris