Who Could Get Hurt by PG&E’s Fire-Driven Bankruptcy: QuickTake
ByPG&E Corp., owner of California’s largest electric utility, warned Monday that it plans to file for bankruptcy protection on Jan. 29, pushed to the brink by wildfire lawsuits that could cost the company $30 billion. It’s the latest fallout from two years of massive blazes that have killed more than 130 Californians and destroyed tens of thousands of properties. The move could trigger big changes for PG&E, its 20,000 employees and the roughly 16 million people it serves. It raises the question of whether people who blame PG&E for burning down their homes will receive the compensation they want. And could bankruptcy derail California’s fight against global warming?
1. Will the lights stay on?
Yes. When utilities file for bankruptcy, they don’t cease operations. PG&E’s utility unit — Pacific Gas and Electric Co. — filed for bankruptcy in 2001 during the California electricity crisis without interrupting service. PG&E said Monday it expects to have $5.5 billion in “debtor in possession” financing lined up to carry it through the bankruptcy process…
Who Could Get Hurt by PG&E’s Fire-Driven Bankruptcy: QuickTake
