PG&E Talking to Banks on Multibillion Dollar Bankruptcy Financing

PG&E chief executive leaving as utility readies for possible bankruptcy

The lights and gas will remain on, PG&E officials said, noting that the utility "remains committed to providing safe natural gas and electric service to customers as it prepares to initiate voluntary reorganization proceedings under Chapter 11", according to a company statement. The company could face murder charges if found responsible for starting the Camp Fire, and it is already facing numerous lawsuits.

As the company potentially faces billions of dollars in liabilities for involvement in California wildfires, PG&E announced Sunday it plans to file for Chapter 11 bankruptcy.

State fire investigators said they have determined that PG&E's power lines sparked 18 wildfires in October 2017 that burned almost 200,000 acres, destroyed 3,256 structures and killed 22 people. PG&E also anticipates being able to continue its rebuilding and restoration efforts for the victims of the California wildfires of 2017 and 2018.

Moody's Investors Service and S&P; Global Ratings both downgraded PG&E;'s bonds to junk status last week, adding to the firm's troubles, according to The New York Times. "Our search is focused on extensive operational and safety expertise, and the Board is committed to further change at PG&E".

Veteran New York bankruptcy lawyer H. Jeffrey Schwartz said Chapter 11 will allow the company to operate without being burdened by its liabilities.

PG&E is the subject of enormous litigation and liabilities estimated which could reach as high as $30 billion, analysts who studied the 2018 California wildfires say. Still, the utility vowed to provide "safe natural gas and electric service to customers." .

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.

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PG&E's chief executive officer was replaced on Sunday by General Counsel John Simon on an interim basis. Three months later, however, the utility's equipment again was being looked at as a possible source of the Camp Fire, which killed 86 people and destroyed the town of Paradise. "We expect this process also will enable PG&E to access the capital and resources we need to continue providing our customers with safe service and investing in our systems and infrastructure".

The company, which has 20,000 employees, has assured its customers it expects to continue supplying power "without disruption".

Today, Pacific Gas and Electric announced it intends to file for bankruptcy.

PG&E's liabilities from that fire could be catastrophic if authorities determine its equipment caused the blazes.

Pacific Gas and Electric said last month it determined weather conditions were no longer risky enough to warrant a massive power shut off on November 8 - a decision that came as a massive fire was tearing through a Northern California town.

PG&E also filed for Chapter 11 bankruptcy in 2001 amid rising electricity prices during California's energy crisis.

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