PG&E files for bankruptcy over wildfire claims

Unable to cope with wildfire claims, PG&E made good on its vow to file for bankruptcy Tuesday, launching a perilous journey with major implications for ratepayers, investors, state officials and the thousands of California wildfire victims who are suing the utility.

Citing “extraordinary financial challenges” and a rapidly deteriorating cash position, Pacific Gas and Electric Co. and its parent PG&E Corp. sought Chapter 11 bankruptcy protection in an electronic filing shortly after midnight. The company’s most pressing concern is “over $30 billion in potential exposure” from the 2017 and 2018 wildfires, according to court papers, including the November Camp Fire in Butte County.

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6 Responses to PG&E files for bankruptcy over wildfire claims

  1. Handy Dandy Carbon Credits says:

    And California government takes over PG&E in 3.2.1………………………………….

    Read this:

    • crazyeighter says:

      If you think the California state government is oppressive now, just wait until they can have you shivering in the dark whenever it suits them.

  2. Skipperdaddy says:

    Aaaaaand its gone

  3. RocketmanKarl says:

    I’m gonna go out on a limb here and predict that, despite their lack of maintenance, brush-clearing near power lines, and lack of needed capital improvements, nobody at PG&E will go to jail. This kind of willful negligence in their duties as officers of the company should expose them personally to civil action by the victims and shareholders, and criminal prosecution as well.
    Instead, they’ll get regulatory jobs with .gov, and the states and their customers will have to pay for it all, again.

  4. Atlas says:

    I already paid for it; my house and car were burned to a shell in the Camp Fire.

    F*** ’em.

    Hanging is too good for these people.

  5. FrankP says:

    California has been backing PG&E into a corner for decades. The company ceased to be a true, independent entity long ago. The state has regulated them into such a state of disarray that it’s amazing PG&E hasn’t claimed bankruptcy just to escape. Not that California would let them self dissolve or sell off their assets.

    California needs PG&E. But it’s not a symbiotic relationship.

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