Embattled California utility PG&E says it intends to file for bankruptcy around Jan. 29th, according a regulatory filing released on Monday. Shares fell 50% in early trading.
Details: In a statement, interim CEO John Simon says bankruptcy would allow the company to deal with potentially billions of dollars in liability costs from 2017 and 2018 wildfires, while continuing to provide natural gas and electricity service for California residents.
PG&E has been calling on the state to broaden a bill that allows the company to pass along some of the costs stemming from 2017’s fires to consumers.
In a statement, California governor Gavin Newsom said he would work to find a “solution” for PG&E in coming months, but did not specify what that solution would be.