Please ensure Javascript is enabled for purposes of website accessibility

Corporation for Public Broadcasting to Close After Funding Cut, in Blow to Local Media

7 hours ago

‘Freedom Week’: California Gun Owners Rush to Buy Ammo After Court Ruling

10 hours ago

Wall Street Selloff Sparked by Trump Tariffs, Amazon Results, Weak Payrolls

10 hours ago

US Construction Spending Extends Decline in June

10 hours ago

Global Shares in Red After US Jobs Data, Trump’s Tariff Salvo

10 hours ago

Construction of $200M Trump Ballroom at the White House to Begin in September

1 day ago

US Senate Committee Backs $1 Billion for Ukraine in Pentagon Spending Bill

1 day ago

Trump Says Mexico Trade Deal Extended for 90 Days

1 day ago

Fresno Unified Trustee Susan Wittrup Responds to $162,000 Payout

2 days ago
Is Bankruptcy Near for Reeling PG&E?
gvw_ap_news
By Associated Press
Published 7 years ago on
January 7, 2019

Share

SAN FRANCISCO — California’s largest power company is getting battered in midday trading Monday on reports that it’s considering bankruptcy protection in the face of potentially crippling liability damages from a spate of wildfires.
No cause has been determined for the source of California’s Camp Fire, but PG&E reported an outage around the time and place the fire was ignited. Another transmission line malfunctioned a short time later, possibly sparking a second fire.
Reuters, citing anonymous sources, reports that the company has considered seeking financial shelter in bankruptcy court with potential liabilities reaching into the tens of billions.
Shares tumbled 22 percent Monday, the latest severe sell-off for the company since November and the outbreak of the state’s deadliest recorded wildfires.
PG&E Corp. did not immediately respond to a request for comment.

Outside Advice Sought

On Friday, PG&E  said its board of directors is engaging outside experts for advice on wildfire safety, but it did not identify any potential plans to address liability or safety.
“We want to tap fresh perspectives and additional expertise to help address the changing nature of PG&E’s business and the challenges it faces now and in the future,” the board said in a statement.

NPR Report: PG&E Might Sell Natural Gas Division

National Public Radio, citing an anonymous company official and a former employee, reported that PG&E is exploring selling off its natural gas division — a major part of the company — to set up a fund for potential wildfire claims.
It is also looking into selling real estate assets, including its San Francisco headquarters, NPR reported.
The utility is facing numerous lawsuits involving wildfire losses and scrutiny of its power line safety by a U.S. judge overseeing a separate criminal case against it.

PG&E On Financial Hot Seat Because of Wildfires

State fire investigators blamed the utility’s power lines for causing several wildfires in October 2017.
Investigators have not determined the cause of a massive wildfire that destroyed the town of Paradise in November. PG&E reported an outage around the time and place that the fire ignited.
The fire killed at least 86 people and was the deadliest in California history.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

US Judges Speak Out About Death Threats, ‘Swattings,’ and ‘Pizza Doxings’

DON'T MISS

It’s Raining Cash for Some 2026 Fresno City Council Hopefuls

DON'T MISS

Fresno County Finds E. Coli at Avocado Lake. Don’t Swim There

DON'T MISS

Trump Fires US Labor Department’s Statistical Leader After Weaker Than Expected Jobs Report

DON'T MISS

Corporation for Public Broadcasting to Close After Funding Cut, in Blow to Local Media

DON'T MISS

Trump Eyes Bringing Azerbaijan, Central Asian Nations Into Abraham Accords, Sources Say

DON'T MISS

Farmers in West Fresno County to Consider 200% Groundwater Pumping Fee Hike

DON'T MISS

Trump Orders Nuclear Submarines Moved Near Russia

DON'T MISS

Fresno Councilmember Vang Accused of Conflict of Interest in Budget Vote

DON'T MISS

Ghislaine Maxwell Moved From Florida Prison to Lower-Security Facility

UP NEXT

Fresno County Finds E. Coli at Avocado Lake. Don’t Swim There

UP NEXT

Corporation for Public Broadcasting to Close After Funding Cut, in Blow to Local Media

UP NEXT

Farmers in West Fresno County to Consider 200% Groundwater Pumping Fee Hike

UP NEXT

Fresno Councilmember Vang Accused of Conflict of Interest in Budget Vote

UP NEXT

Ghislaine Maxwell Moved From Florida Prison to Lower-Security Facility

UP NEXT

Valley Crime Stoppers’ Most Wanted Person of the Day: Scott Oscar Whitehead

UP NEXT

‘Freedom Week’: California Gun Owners Rush to Buy Ammo After Court Ruling

UP NEXT

Visalia Road Project to Temporarily Shut Down Part of Caldwell Avenue

UP NEXT

Fresno Fire Displaces Family of Three, Pets Rescued

UP NEXT

Measure C Advisory Group Still Squabbling but Agrees on Mission Statement

Trump Fires US Labor Department’s Statistical Leader After Weaker Than Expected Jobs Report

6 hours ago

Corporation for Public Broadcasting to Close After Funding Cut, in Blow to Local Media

7 hours ago

Trump Eyes Bringing Azerbaijan, Central Asian Nations Into Abraham Accords, Sources Say

7 hours ago

Farmers in West Fresno County to Consider 200% Groundwater Pumping Fee Hike

8 hours ago

Trump Orders Nuclear Submarines Moved Near Russia

8 hours ago

Fresno Councilmember Vang Accused of Conflict of Interest in Budget Vote

8 hours ago

Ghislaine Maxwell Moved From Florida Prison to Lower-Security Facility

8 hours ago

Trump Escalates Trade War With Canada Following Palestine Stance

9 hours ago

Valley Crime Stoppers’ Most Wanted Person of the Day: Scott Oscar Whitehead

10 hours ago

‘Freedom Week’: California Gun Owners Rush to Buy Ammo After Court Ruling

10 hours ago

US Judges Speak Out About Death Threats, ‘Swattings,’ and ‘Pizza Doxings’

United States judges spoke out against the unprecedented surge in violence and disturbing threats made against members of the judicial branc...

4 hours ago

United States judges speaking about receiving violent threats over rulings
4 hours ago

US Judges Speak Out About Death Threats, ‘Swattings,’ and ‘Pizza Doxings’

Fresno city hall with council campaign finance money
5 hours ago

It’s Raining Cash for Some 2026 Fresno City Council Hopefuls

E. coli identified at avocado lake
6 hours ago

Fresno County Finds E. Coli at Avocado Lake. Don’t Swim There

President Donald Trump speaks at a dinner with Republican Senators, in the State Dining Room at the White House in Washington, D.C., U.S., July 18, 2025. (Reuters File)
6 hours ago

Trump Fires US Labor Department’s Statistical Leader After Weaker Than Expected Jobs Report

Breaking News from Reuters
7 hours ago

Corporation for Public Broadcasting to Close After Funding Cut, in Blow to Local Media

President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, D.C., U.S., July 31, 2025. (Reuters File)
7 hours ago

Trump Eyes Bringing Azerbaijan, Central Asian Nations Into Abraham Accords, Sources Say

8 hours ago

Farmers in West Fresno County to Consider 200% Groundwater Pumping Fee Hike

President Donald Trump speaks after disembarking Marine One, as he departs for Scotland, at Joint Base Andrews, Maryland, U.S., July 25, 2025. (Reuters/Evelyn Hockstein)
8 hours ago

Trump Orders Nuclear Submarines Moved Near Russia

Help continue the work that gets you the news that matters most.

Search

Send this to a friend