U.S. / Market / Bankruptcy / Bloomberg / California / onetime

PG&E Will File for Bankruptcy in California Due to Costly Wildfires

Posted On: Jan 14, 2019   |   Posted By: Time

PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer.
The San Francisco-based company said it intends to reorganize under Chapter 11 of the U.S. bankruptcy code on or about Jan. 29 after giving the required 15-day notice to employees, according to a filing at the Securities and Exchange Commission Monday. On Sunday, the company started searching for a new leader after Geisha Williams, 57, resigned as chief executive officer. General counsel John Simon will take the helm in the meantime. The departure of Williams, who took over as CEO in March 2017, follows a catastrophic three months for PG&E.
The company has seen two-thirds of its market value wiped out since the deadliest wildfire in California's history, called the Camp Fire, began in November. Its debt has been downgraded to junk, and state regulators have called for a...

Continue reading ...

 








Chief: Police officer's boyfriend shot her to death as she prepared for work

Chief: Police officer's boyfriend shot her to death as she prepared for work

Officer Chatéri Payne was shot dead in the driveway of her home while she was in uniform and preparing to leave for work, police said. Read more ...

Feds: Georgia Man Was Plotting White House Attack

Feds: Georgia Man Was Plotting White House Attack

A 21-year-old Georgia man has been arrested for allegedly plotting to attack the White House and other federal buildings, CNN reports. Authorities say Hasher Taheb planned to... Read more ...

'Frosty had the last laugh': Vandal tries to run over giant snowman, hits...

'Frosty had the last laugh': Vandal tries to run over giant snowman, hits tree trunk instead

A would-be vandal was stumped after they tried to run over a 9-foot snowman in Kentucky, only to find it had been built over a large tree trunk. Read more ...

Verdict Expected For Chicago Cops Charged In Cover-Up Of Laquan McDonald...

Verdict Expected For Chicago Cops Charged In Cover-Up Of Laquan McDonald Shooting

The three officers were charged with conspiracy, obstruction of justice, and official misconduct for allegedly exaggerating the threat the 17-year-old posed to officers. Read more ...

Australian Open 2019: Superb Serena Williams blows away Eugenie Bouchard

Australian Open 2019: Superb Serena Williams blows away Eugenie Bouchard

Canadian Eugenie Bouchard's serve was taken apart by Serena Williams as the American charged into Round 3 of the Australian Open. Read more ...

Alexandria Ocasio-Cortez Torches Trump For Shutdown In First House Floor Speech

Alexandria Ocasio-Cortez Torches Trump For Shutdown In First House Floor Speech

"The truth is, this shutdown is about the erosion of American democracy and the subversion of our most basic governmental norms,” the freshman lawmaker said. Read more ...

Weekend winter storm will bring blowing snow, colder temperatures

Weekend winter storm will bring blowing snow, colder temperatures

Stay with KMBC's First Alert Weather Team for latest on developing storm system Read more ...

Jack Bogle, Father Of Simple Investing, Dies At 89

Jack Bogle, Father Of Simple Investing, Dies At 89

Bogle, the founder of Vanguard who created the first index mutual fund, died Wednesday, the firm said. He said investors should own a mix of bonds and stocks but shouldn't pay... Read more ...

10 things you need to know before the opening bell

10 things you need to know before the opening bell

Here is what you need to know. Federal prosecutors are leading a criminal investigation into Huawei. The Chinese electronics giant is being investigated for stealing trade... Read more ...

'The Hunchback of Notre Dame' is latest Disney live-action remake

'The Hunchback of Notre Dame' is latest Disney live-action remake

Because Disney nostalgia never ends. Read more ...