SACRAMENTO — California Gov. Gavin Newsom said Thursday that Pacific Gas & Electric Corp. plans to remake its board of directors with hedge fund financiers and people who have little experience in utility operations and safety, and he urged the utility's leader to change course. "With this move, PG&E would...
Bankrupt PG&E Wants to Give $235 Million in Bonuses
SAN FRANCISCO — Pacific Gas & Electric Corp. sought a judge's approval to pay $235 million in bonuses to thousands of employees despite the California utility's bankruptcy. The money is intended to provide incentives to workers and will not be distributed if the company doesn't meet safety and financial goals,...
PG&E Files for Bankruptcy Amid Wildfire Lawsuits
SAN FRANCISCO — Pacific Gas & Electric Corp., the nation's biggest utility, filed for bankruptcy reorganization Tuesday in a bid to relieve itself of some of the billions of dollars in damages it could face as a result of California's devastating wildfires. The Chapter 11 filing allows PG&E to continue...
PG&E: Judge’s Proposals for Fire Risk Could Cost up to $150B
SAN FRANCISCO — Proposals by a U.S. judge to prevent Pacific Gas & Electric Co. equipment from causing more wildfires would endanger lives, could cost as much as $150 billion and would interfere with the work of federal and state regulators, the utility said Wednesday in a court filing urging...
Will PG&E Customers Pay More in Bankruptcy? Not if Watchdog Can Stop It
The consumer watchdog arm of the California Public Utilities Commission says millions of Pacific Gas & Electric customers should not have to bear the brunt of the utility’s misdeeds if it was responsible for two of the most destructive wildfires in California. “We should definitely not assume that because PG&E...
Sears Staves Off Liquidation, Stores to Remain Open
NEW YORK — Sears will live on — at least for now. The company's chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for Sears, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because...
Newsom Vows Energy Will Flow Despite PG&E Bankruptcy
SAN FRANCISCO — The nation's largest utility said Monday it is filing for Chapter 11 bankruptcy because it faces at least $30 billion in potential damages from lawsuits over the catastrophic wildfires in California in 2017 and 2018 that killed scores of people and destroyed thousands of homes. The move...
PG&E, Facing Colossal Liability, Seeks Bankruptcy Protection
Pacific Gas and Electric said it plans to file for bankruptcy protection amid potentially massive liabilities resulting from the deadly California wildfires. The announcement Monday follows the resignation of the power company's chief executive Geisha Williams a day earlier. John Simon, the company' general counsel since 2017, will serve as...
PG&E Credit Rating Slashed to Junk Status by S&P
NEW YORK — S&P slashed PG&E's credit rating to junk status as the utility grapples with the political and financial fallout from costly and deadly wildfires in California. The ratings agency cut the company's key rate five notches to "B'' from "BBB-." Shares have been weighed down since November and...
Is Bankruptcy Near for Reeling PG&E?
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...