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PG&E to file for bankruptcy to deal with CA wildfire liability **Camp Fire Disaster**
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[quote:Crypto-Tard:MV8zOTU3OTI2XzcxNTQ3MTk3X0VBNTREOTk=] [quote:Broomsgoat:MV8zOTU3OTI2XzcxNTQ2NzkzX0I1Rjk5MjU3] [quote:The Wild 0nes:MV8zOTU3OTI2X0U0RjYyMEU2] 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. https://www.sacbee.com/news/business/article224504140.html 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: https://www.sacbee.com. /news/business/article224504140.html [/quote] Assholes, if it weren't for their customers they wouldn't have any stakeholders. How about fuck the stakeholders for a change. [/quote] Actually, the shareholders will get wiped out potentially. Watch the debt holders. The Roths have a ring side seat here, one of the directors is their guy. [/quote]
Original Message
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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