PG&E, Facing Billions in Claims From Deadly Camp Fire, Will File for Bankruptcy
Pacific Gas and Electric, facing billions of dollars in claims over the deadly 2018 Camp Fire, is headed to bankruptcy court.
PG&E, the state’s largest utility, said Monday it will file for bankruptcy on January 29, after a 14-day waiting period required by California law. It needs to use the bankruptcy process, which will allow it to shed some of its debt, to pay for damages and stay in business to provide gas and electric service to its customers.
Shares of PG&E (PCG) plunged 55% in premarket trading following the filing.
https://ktla.com/2019/01/14/pge-facing-billions-in-claims-from-deadly-camp-fire-will-file-for-bankruptcy/