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PG&E Plans Bankruptcy Filing Over Deadly California Fires

New York Times

Pacific Gas and Electric Company, which has been struggling with a financial crisis stemming from California’s historic wildfires, intends to file for Chapter 11 bankruptcy protection by the end of the month, according to a regulatory filing.

The company, which is the largest investor-owned utility in California, said it faced an estimated $30 billion liability for damages from the 2017 and 2018 wildfires that killed scores in Northern California, a sum that would exceed its insurance and assets.  

The company on Sunday announced the departure of its chief executive, Geisha Williams, who had been in the job since 2017. John Simon, the company’s general counsel, will serve as interim chief executive.

The company’s shares were down more than 40 percent in early trading on Monday. They had already lost almost two-thirds of their value since early November, when the company’s equipment was linked to the Camp Fire, which destroyed thousands of homes in Paradise, Calif., and killed at least 86 people.

Read the rest here: New York Times

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2 Responses to PG&E Plans Bankruptcy Filing Over Deadly California Fires

  1. H D says:

    “The company, which is the largest investor-owned utility in California, said it faced an estimated $30 billion liability for damages from the 2017 and 2018 wildfires that killed scores in Northern California, a sum that would exceed its insurance and assets. ” what about the murder charges. Huh

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