Please ensure Javascript is enabled for purposes of website accessibility
Is Bankruptcy Near for Reeling PG&E?
gvw_ap_news
By Associated Press
Published 6 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

One Person Killed in Explosion Outside Fertility Clinic; Police Say Act Was ‘Intentional’

DON'T MISS

Trump Wants a Deal With Iran, but It May Be Weaker Than His Supporters Demand

DON'T MISS

Duffy Blamed Biden for Air Traffic Woes. It’s a Decades-Old Problem.

DON'T MISS

The Day Grok Lost Its Mind

DON'T MISS

Police and Firefighters Respond to an Explosion Rocking the California City of Palm Springs

DON'T MISS

Clovis Goes Full Throttle With Biggest Old Town Motorama Yet

DON'T MISS

Israel Launches a New Military Operation in Gaza a Day After Trump Leaves the Middle East

DON'T MISS

Kristen Stewart Was Always Ready to Direct

DON'T MISS

Walz Calls Trump a ‘Tyrant’ Who Is Trampling Americans’ Rights and Violating the Rule of Law

DON'T MISS

Severe Weather Leaves at Least 23 Dead, Including 14 in Storm-Battered Kentucky

UP NEXT

Clovis Goes Full Throttle With Biggest Old Town Motorama Yet

UP NEXT

Israel Launches a New Military Operation in Gaza a Day After Trump Leaves the Middle East

UP NEXT

Kristen Stewart Was Always Ready to Direct

UP NEXT

Severe Weather Leaves at Least 23 Dead, Including 14 in Storm-Battered Kentucky

UP NEXT

Student Loans Have Been Confusing Lately. Here’s a Guide to Know Where You Stand

UP NEXT

Bernie Sanders and AOC are Popular With Democrats. Here’s a Timeline of Their Alliance

UP NEXT

Rescue Saves Fearful Terrier Mix From Euthanasia at Local Shelter

UP NEXT

9 National Parks With Scenic Bike Trails Perfect for Kids and Parents

UP NEXT

Big Fresno Fair Announces First Five Shows in Its Concert Lineup

UP NEXT

Two Killed in Fresno County Crash Are Identified

The Day Grok Lost Its Mind

1 day ago

Police and Firefighters Respond to an Explosion Rocking the California City of Palm Springs

1 day ago

Clovis Goes Full Throttle With Biggest Old Town Motorama Yet

2 days ago

Israel Launches a New Military Operation in Gaza a Day After Trump Leaves the Middle East

2 days ago

Kristen Stewart Was Always Ready to Direct

2 days ago

Walz Calls Trump a ‘Tyrant’ Who Is Trampling Americans’ Rights and Violating the Rule of Law

2 days ago

Severe Weather Leaves at Least 23 Dead, Including 14 in Storm-Battered Kentucky

2 days ago

Trump Says He Will Call Putin, Then Zelenskyy, on Monday to Push for Ukraine Ceasefire

2 days ago

‘Eat the Tariffs!’: Trump Warns Walmart Not to Pass Costs to Customers

2 days ago

Biden Audio Release Pressures Democrats Who Would Rather Talk About Trump

2 days ago

One Person Killed in Explosion Outside Fertility Clinic; Police Say Act Was ‘Intentional’

An explosion that heavily damaged a fertility clinic in the upscale California city of Palm Springs appears to have been intentional, local ...

1 day ago

1 day ago

One Person Killed in Explosion Outside Fertility Clinic; Police Say Act Was ‘Intentional’

1 day ago

Trump Wants a Deal With Iran, but It May Be Weaker Than His Supporters Demand

1 day ago

Duffy Blamed Biden for Air Traffic Woes. It’s a Decades-Old Problem.

1 day ago

The Day Grok Lost Its Mind

1 day ago

Police and Firefighters Respond to an Explosion Rocking the California City of Palm Springs

The Old Town Motorama in Clovis is expected to draw up to 35,000 people Saturday for its biggest classic car show yet.
2 days ago

Clovis Goes Full Throttle With Biggest Old Town Motorama Yet

2 days ago

Israel Launches a New Military Operation in Gaza a Day After Trump Leaves the Middle East

2 days ago

Kristen Stewart Was Always Ready to Direct

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

Search

Send this to a friend