PG&E Bankruptcy Filing Looming

PG&E chief executive leaving as utility readies for possible bankruptcy

The company has about $1.5 billion in cash heading into bankruptcy and is negotiating with lenders to get about $5.5 billion more in debtor-in-possession financing to stay in business and continue providing power and gas to millions of Californians, according to Reuters.

The CEO of Pacific Gas and Electric resigned Sunday and employees could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.

PG&E Corp. stated that it aimed to file to reorganize under chapter 11 on or around January 29.

PG&E's general counsel John Simon will serve as interim CEO until the board of directors finds a new head. Still, the utility vowed to provide "safe natural gas and electric service to customers." . The California Public Utilities Commission is considering breaking up the power company.

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"While we are making progress as a company in safety and other areas, the board recognizes the tremendous challenges PG&E continues to face", PG&E Chairman Richard Kelly said Sunday. A notice does not necessarily mean that PG&E is filing for Chapter 11 protection, but signals that the utility may be considering bankruptcy as a way of coping with an estimated $30 billion in liabilities for fires that took place in 2017 and 2018.

The 150-year-old company said: "We recognise that the devastating and unprecedented Northern California wildfires of 2017 and 2018 have had a profound impact on our customers and their communities". It is the deadliest and most destructive wildfire to have occurred in the state. Three months later, however, the utility's equipment again was being looked at as a possible source of the Camp Fire, which killed 86 people and destroyed the town of Paradise.

PG&E could be on the hook for tens of billions of dollars for its potential role in California's devastating Camp Fire previous year - the deadliest and most destructive wildfire in the state's history.

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