PG&E, utility tied to California wildfires, to file for bankruptcy
Pacific Gas and Electric, the utility company that has been tied to deadly wildfires in California, said Monday it plans to file for bankruptcy at the end of the month.
The San Francisco-based company said its decision to reorganise under Chapter 11 is tied to more than USD 30 billion in claims it is facing over the so-called 2018 Camp Fire in Northern California -- the deadliest in the state's recent history -- that left 86 people dead.
The utility is also under scrutiny for blazes in 2017 that devastated the wine region in Northern California and left more than 40 people dead.
"The company today provided the 15-day advance notice required by recently enacted California law that it and its wholly owned subsidiary Pacific Gas and Electric Company currently intend to file petitions to reorganize under Chapter 11 of the US Bankruptcy Code on or about January 29," a statement said.
It said the bankruptcy filing, which saw shares plunge 48 per cent on Monday, should not affect electric or