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.

Read More (Los Angeles Times)

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By |2019-02-05T12:04:29-08:00January 27th, 2019|Camp Fire, News, PG&E|0 Comments

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