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01:25 PM
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PG&E to file for bankruptcy to deal with CA wildfire liability **Camp Fire Disaster**
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fucking disgrace that the state government would allow them to file bankruptcy. Under Chapter 11, they will only be responsible for a small percentage of the cost of damage. the rest of that will fall on taxpayers.
[
link to www.sacbee.com (secure)
]
Overwhelmed by billions of dollars in claims from the Camp Fire and the 2017 wildfires of Northern California, PG&E said Monday it plans to file for bankruptcy.
The embattled utility gave 15-day notice of its intent to file for protection under Chapter 11 of the bankruptcy code, as required by a state law enacted last fall to deal with utility fire liabilities. The company made the announcement barely 12 hours after announcing the resignation of its CEO, Geisha Williams.
“We believe a court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion,” said interim CEO John R. Simon in a prepared statement. He pledged to “continue providing our customers with safe service and investing in our systems and infrastructure.”
Richard Kelly, chairman of PG&E Corp., said a Chapter 11 filing “represents the only viable option to address to the company’s responsibilities to its stakeholders.”
more at link: [
link to www.sacbee.com (secure)
]
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