Pacific Gas and Electric (PCG) has filed for bankruptcy protection after coming under pressure from billions of dollars in claims tied to deadly wildfires in California.
Shares are down nearly 5% in premarket trading.
California's largest power company said in a statement Tuesday that it had submitted a Chapter 11 bankruptcy filing in the Northern District of California.
PG&E has been linked to a series of wildfires in California, including the Camp Fire, which caused 86 deaths and destroyed 14,000 homes, along with more than 500 businesses and 4,300 other buildings.
It announced earlier this month that it intended to file for bankruptcy, but had to wait a 15-day period required by law.
The company needs to use the bankruptcy process — which will allow it to shed some of its debt — to pay for damages and stay in business.
PG&E said Tuesday it was seeking approval for a $5.5 billion debtor-in-possession financing agreement.
from CNN.com - RSS Channel https://cnn.it/2DHsbil
No comments:
Post a Comment