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California Utility PG&E Considers Filing for Bankruptcy

posted by takyon on Monday January 07 2019, @06:43AM   
from the fire-sale dept.

Arthur T Knackerbracket has found the following story:

California utility company PG&E Corp is exploring filing some or all of its business for bankruptcy protection as it faces billions of dollars in liabilities related to fatal wildfires in 2018 and 2017, people familiar with the matter said on Friday.

The company is considering the move as a contingency, in part because it could soon take a significant financial charge for the fourth quarter of 2018 related to liabilities from the blazes, the sources said.

A bankruptcy filing is not certain, the sources said. The company could receive financial help through legislation that would let it pass on to customers costs associated with fire liabilities, the sources said. But that is just a possibility, they said, so bankruptcy preparations are being made.

Also at NPR and Bloomberg.

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Original Submission

• Re:Deep pockets? (Score: 1, Interesting) by Anonymous Coward on Monday January 07 2019, @08:15AM

  by Anonymous Coward on Monday January 07 2019, @08:15AM (#783086)

  actually, ut is the "greenies" who advocate for more managed small fires.

  It will be the property owners who balk at it, whether they are simply home owners, ranchers or resource owners & lessees (Plum Creek, Simpson, Weyerhauser, et al.), The tree owners will be unhappy if it gets mandated on their properties or areas where they might have timber contracts.

  Throw in more than a few "let local people manage things" people...

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