Bankruptcy possible for California utility after wildfires
SAN FRANCISCO (AP) — A newspaper says employees of Pacific Gas and Electric could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.
The San Francisco Chronicle reports Sunday that under a new state law, PG&E must tell its employees at least 15 days before a change of control in the company — including a bankruptcy filing.
That notice may come as soon as Monday. Bloomberg reports that PG&E’s CEO Geisha Williams will be leaving.
PG&E is in discussions with lenders about a financing package worth up to $5 billion. It would allow the company to continue operating during Chapter 11 bankruptcy proceedings.
State fire investigators blamed the utility’s power lines for causing a number of California wildfires in October 2017.
Information from: San Francisco Chronicle, http://www.sfgate.com