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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...

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