Bankruptcy possible for California utility after wildfires
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January 13, 2019
SAN FRANCISCO (AP) — A newspaper says employees of Pacific Gas and Electric could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.
The San Francisco Chronicle reports Sunday that under a new state law, PG&E must tell its employees at least 15 days before a change of control in the company — including a bankruptcy filing.
That notice may come as soon as Monday. The news was first reported by Bloomberg.
PG&E is in discussions with lenders about a financing package worth up to $5 billion. It would al...
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