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PG&E Reportedly Planning Bankruptcy Announcement To Workers As Soon As Monday
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18 years after becoming one of America's largest bankruptcies, the writing is on the wall for California's utility giant after its cash-collateral-call triggering second downgrade to junk has led to reports that PG&E may notify employees as soon as Monday that it’s preparing a potential bankruptcy filing, according to people familiar with the situation.
California passed legislation last year in the aftermath of the deadly Wine Country fires requiring utilities to post public notices for employees at least 15 days before a change of control, including a bankruptcy filing.
This potential bankruptcy announcement comes after PG&E's AIG moment hit late on Thursday, when Moody’s did precisely what S&P did two days earlier, and cut the utility's credit rating to junk citing the electric company’s potential wildfire liabilities.
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