PG&E says it is preparing Chapter 11 bankruptcy filing
Utility reeling from November Camp fire that swept through California mountain community
Los Angeles: PG&E Corp, the California power utility facing potentially crushing liabilities linked to catastrophic wildfires in that state from 2017 and 2018, said on Monday it is preparing to file for Chapter 11 bankruptcy for all of its businesses. PG&E is reeling from the November Camp fire that swept through the California mountain community of Paradise and killed at least 86 people in the deadliest and most destructive blaze in state history.The company’s shares tumbled 55 per cent in early trading.
PG&E said it planned to file for bankruptcy protection around January 29, and was giving employees a 15-day notice to employees to comply with California law.
PG&E said on Sunday its chief executive officer was leaving down and being replaced by General Counsel John Simon on an interim basis.