PG&E files for bankruptcy

Credit: Reuters Studio
Published on January 29, 2019 - Duration: 00:57s

PG&E files for bankruptcy

Power provider PG&E filed for voluntary Chapter 11 bankruptcy protection, succumbing to liabilities stemming from wildfires in Northern California.

Roselle Chen reports.

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PG&E files for bankruptcy

PG&E filed for bankruptcy protection in anticipation of liabilities from California wildfires.

The company provides electricity and natural gas to 16 million customers in northern and central parts of the state, and employs 24,000 people.

It vowed to keep the lights on as it grapples with fire-related costs of more than $30 billion.

Morningstar's equity strategist, Travis Miller: (SOUNDBITE) (English) TRAVIS MILLER, MORNINGSTAR, EQUITY STRATEGIST, ENERGY & UTILITIES, SAYING: "Is there anybody willing to buy any part of PG&E and deal with their California regulation?

Th eother thing we could see is a surge of claimants coming in, and taking part of the business, as a return for the fire liabilities, and we could also see a ruling from the judge that essentially splits the pie among a bunch of different stakeholders, and preserves some of the equity value for shareholders." PG&E shares, which lost three-quarters of its value since before the latest fire in November, were up in early trading.

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