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PG&E hasn’t run out of money. So why is it planning to file for bankruptcy?

 
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01/25/2019 11:11 AM

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PG&E hasn’t run out of money. So why is it planning to file for bankruptcy?
California’s largest power company plans to file for bankruptcy as soon as next week, in the face of wildfire liabilities that could cost tens of billions of dollars.

But a growing chorus of shareholders, ratepayer advocates and lawyers for fire victims says there’s no need for Pacific Gas & Electric to enter bankruptcy.

Those critics point to the $1.5 billion in cash or cash equivalents PG&E says it has on hand, and to the company’s claim that it could raise “a significant amount” of additional capital even without a Chapter 11 filing. Critics also say wildfire liability is far from the urgent crisis PG&E is making it out to be because it could be years before the company is forced to pay a single penny to fire victims.

The groups questioning PG&E’s decision are strange bedfellows, although many of them have a financial interest in keeping the utility out of Bankruptcy Court.

One leading critic of a bankruptcy filing is BlueMountain Capital Management LLC, which owns more than 11 million shares of PG&E stock that could be wiped out. Then there are lawyers for victims of the Northern California fires, who might see court awards reduced by a bankruptcy judge. Some of those lawyers have joined forces with famed consumer advocate and PG&E foe Erin Brockovich.

Ratepayer watchdogs groups also suspect PG&E is seeking bankruptcy protection not out of necessity but as a business strategy.

Loretta Lynch feels like she’s seen this movie before. Lynch was president of the California Public Utilities Commission the last time PG&E filed for bankruptcy, during the energy crisis in 2001. At the time, the San Francisco-based utility said it needed relief from $9 billion in debt, incurred after a failed deregulation plan allowed Enron Corp. and other energy traders to manipulate markets and send prices skyrocketing.

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