PG&E to file for bankruptcy as wildfire costs hit $30 billion; stock plunges
PG&E Corp. said Monday it plans to seek bankruptcy protection because it faces potential liabilities of $30 billion or more from the deadly California wildfires, a move that halved its already battered stock price and prompted its chief executive to quit.
The filing also might set the stage for PG&E's sale, though it's also possible that California lawmakers could eventually attempt to help the company.
It would be the second time in 18 years that the San Francisco company's utility, Pacific Gas & Electric, landed in Bankruptcy Court. The utility, but not the parent, filed in 2001 in the aftermath of an energy crisis that gripped the state in 2000-01.
PG&E said it "does not expect any impact" to the electric and natural-gas services delivered to the utility's
