In November, the most deadly fire in Californian history began in the town of Paradise, killing 86 people.
Board Chairman Richard Kelly said "a Chapter 11 reorganization for both the utility and PG&E Corporation represents the only viable option to address the company's responsibilities to its stakeholders".
"It is clear that a solution is needed that enables the continued safe delivery of natural gas and electric service to our customers and supports the orderly, fair and expeditious resolution of PG&E's potential liabilities resulting from the recent wildfires". A notice does not necessarily mean that PG&E is filing for Chapter 11 protection, but signals that the utility may be considering bankruptcy as a way of coping with an estimated$30 billion in liabilities for fires that took place in 2017 and 2018. Shares were trading at almost $50 before the company disclosed that a faulty transmission tower may have caused the Camp Fire.
Fire officials have not yet officially said what caused the blaze, but have focused on power equipment.
Advisers said they expect it may take up to two years for the company to emerge from bankruptcy.
The company has engaged in discussions with potential lenders with respect to Debtor-in-Possession ("DIP") financing.
Elon Musk's SpaceX To Slash 10 Percent Of Staff Also Friday, SpaceX launched a Falcon 9 rocket from Vandenberg Air Force Base in California carrying 10 communications satellites. One of the company's most recent launches involved sending a cargo capsule to the International Space Station .
Macedonia changes its name: Why this matters to Greece A spokesperson for the governing Social Democrats said the ethnic Albanian legislators also agreed to back the deal. Zaev said on January 12 that the lawmakers had "made history", adding: "I know how hard that was".
The departure of Williams - one of the world's most powerful women in business - thins the ranks of the roughly two dozen women running S&P 500 companies.
Pacific Gas & Electric announced Sunday evening that CEO Geisha Williams will step down amid the fallout from a spate of deadly wildfires that may have brought the California utility to the brink of bankruptcy.
Gov. Gavin Newsom was quick to respond to the bankruptcy announcment, issuing a statement early Monday. PG&E kept the lights on during the three years it spent in Chapter 11 between 2001 and 2004, when it was clobbered by rising power costs during the energy crisis. Williams called the doctrine bad public policy that made utilities the default insurer in the state.
While state lawmakers rejected PG&E's request to change wildfire liability law, they did pass legislation in August that will help PG&E pay for lawsuits arising from the wine country fires.
PG&E faces widespread litigation, government investigations and liabilities that could potentially reach $30 billion, according to the company, accounting for damage from fires past year and in 2017.
-With assistance from David R. Baker and Peter Blumberg.
Lion Air is one of Indonesia's youngest airlines but has grown rapidly, flying to dozens of domestic and worldwide destinations. If the voice recorder's contents end up being undamaged, it could provide valuable additional information to investigators.
I really think that oozes out of him, and I think what we tried to do this year was create a culture where that was a premium. Allen, a seven-year National Football League veteran, is in his first season with the Chiefs.
Mark your calendars, Game of Thrones fans, because the premiere date for Season 8 has finally been revealed. As they stop at the end of the tunnel, they are faced with three statues that look almost identical to them.
The automaker calls the new Explorer ST a "genuine Ford Performance vehicle", and it replaces the outgoing Explorer's Sport trim. It has unique leather upholstery with ST logos stitched in the seatbacks and a heated flat-bottom steering wheel.
Two smartphones , the Galaxy M10 and Galaxy M20 are expected, and Samsung has revealed that it will unveil these on January 28. The Galaxy M series will be released globally after the handsets are released in India by the end of this month.
Police arrived to find the door kicked in, Jayme missing and her parents dead. " I think he was my student ", she recalled saying. For the past couple of months the community of Barron and beyond has been praying for a safe return of 13-year-old Jayme Closs.
Fifth-seeded Kevin Anderson won his first match at Melbourne Park since 2015 when he beat Adrian Mannarino 6-3, 5-7, 6-2, 6-1. Opelka will play 102nd ranked Italian journeyman Thomas Fabbiano for a place in the third round.
But after review, officials said the ball went out of bounds on Florida State, giving the Blue Devils another chance at the win. Reddish and Barrett combined to score 55 points, tied for their most this season (also combined for 55 vs.
Dr Watson became Cold Spring Harbor's director in 1968, its president in 1994 and chancellor a decade later. In the documentary he admitted that his views on race and intelligence had not changed - " not at all ".
The actor was married for nearly a decade to actress Anna Faris with whom he shares a son, 6-year-old Jack . Katherine is the daughter of actor-turned-politician Arnold Schwarzenegger and wife Maria Shriver .
Deluxe is a pack of some special goodies available to you when you preorder the merchandise of kingdom hearts 3 Deluxe edition . Kingdom Hearts 3 is finally out at the end of the month, and Square Enix has provided information on when to expect updates.
AirPower Has Reportedly Entered Production
This promised accessory can charge an iPhone, Apple Watch and an upcoming AirPods case simultaneously. Apple announced its AirPower wireless charging mat at its September 2017 iPhone event.
White House asked for options to strike Iran
Bolton repeatedly urged the U.S.to attack Iran, including in a 2015 New York Times op-ed titled, "To stop Iran's bomb, bomb Iran". Trump's National Security Adviser John Bolton led the approach to the Pentagon , which compiled options, the newspaper reported .
Meghan Markle Announces First Royal Patronages
The announcement came at the beginning of the first new year following her royal wedding, just like Meghan. THE BEST place to see the duke and duchess of Sussex when they visit Birkenhead has been revealed.
The FBI's police state operation against Trump
Trump went on to assert that no president has taken a harder stance against Russian Federation than he has. Trump was secretly in contact with or took direction from Russian government officials".
Kylie Jenner loses ‘Most Liked Instagram Post’ to an Egg
Check out the post below! Kylie Jenner on Sunday lost the world record of having the most liked photo on Instagram to an egg. Although the profile has a mere (in comparison) 2 million followers, the image of the egg received over 20 million likes.
Guardiola: If De Bruyne has a problem, he knows where I am
Watch part two of the manager's press conference above, as Guardiola discusses the game, transfer rumours and City's future. Manchester City's official Twitter page quoted Guardiola, saying: "The big clubs don't buy players for six months".
Winter Storm WARNING expanded, in effect until 9 p.m.
A Winter Weather Advisory remains in effect for our southern counties along the PA-MD border through 7 PM this evening. Midway International Airport saw 3.7 inches, while downstate Pontiac received Illinois' highest total at 9.3.