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)