PG&E to file for Chapter 11 Bankruptcy

PG&E Bankruptcy Filing Looming

By filing for bankruptcy, the company will be able to work with "wildfire victims, customers, employees, creditors, shareholders, the financial community and business partners", in one court-supervised process, it said. He said in a later interview that the announcement would involve appointments to the California Public Utilities Commission, the state's grid operator and to a commission established by legislature to explore wildfire issues.

PG&E said in a letter to pensioners that it doesn't expect any changes to its tax-qualified pension plans, or to its life and health-insurance benefits. Investigators have been probing whether the power giant's equipment ignited the fire, along with its potential liability for blazes that devastated Northern California's wine country in 2017 - costs that "could exceed US$30 billion", according to the filing.

PG&E, which serves 15 million Californians - nearly 40% of the population of the state - warned then it could face "significant liability" beyond its insured amount if its equipment was found to have caused the fire.

In November, the most deadly fire in Californian history began in the town of Paradise, killing 86 people.

"It is clear that a solution is needed that enables the continued safe delivery of natural gas and electric service to our customers and supports the orderly, fair and expeditious resolution of PG&E's potential liabilities resulting from the recent wildfires".

The departure of Williams, 57, was announced Sunday, hours before the company said it was notifying workers it could file for bankruptcy within weeks. It has access to about $1.5 billion in existing cash.

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He missed an extra-point try after a T.Y. "So, I mean, it's just exciting for us to be able to play next week". It was the first time in 22 postseason attempts that he'd missed from that close .

The company does not expect bankruptcy to interfere with providing its customers with power and other services, the company said in a statement Monday.

PG&E's general counsel John Simon will serve as interim CEO until the board of directors finds a new head.

Williams had been CEO since 2017.

It went on to say that a Chapter 11 reorganisation was the only viable option for meeting these goals.

The daughter of Cuban political refugees, Williams became the nation's first Latina CEO of a Fortune 500 company when she took over PG&E.

Firefighter Jose Corona sprays water as flames from the Camp Fire consume a home in Magalia, Calif., Nov. 9, 2018. At an energy conference last year in Houston she said - jokingly - that if she failed to change a state law on wildfires, "I won't be here in two years".

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