PG&E could join Enron, Lehman Brothers in debt infamy
If PG&E follows through on plans to file for bankruptcy before the end of the month, it will be the biggest utility bankruptcy since 2001...which was the first time PG&E filed for bankruptcy.
By the numbers: PG&E's planned filing would be the ninth largest bankruptcy since at least the mid-1980s — falling just below the likes of Lehman Brothers, WorldCom and General Motors.
- Bonus stat: It's incredibly rare that companies default within one year of holding an investment grade credit rating, Bank of America-Merrill Lynch notes.
- If PG&E does file for bankruptcy, they will become a part of a super exclusive "Failing Angels" club — companies that fall from investment grade, skip the high yield or junk market and go straight to default.
- The other members of the "Failing Angels" club: Enron, Lehman and MF Global.