California’s PG&E To Declare Bankruptcy Over Wildfires

The Wall Street Journal reports:

PG&E Corp. said it will seek Chapter 11 bankruptcy protection, a day after the company’s CEO stepped down over the financial fallout spurred by the utility’s role in helping spark the California wildfires.

The company and its wholly owned subsidiary, Pacific Gas & Electric Co., said they plan to file a petition on or around Jan. 29, though companies are required by law to give a 15-day advance notice to California state of its intention to file a Chapter 11 petition.

PG&E faces potential billions of dollars in liability costs stemming from the devastating wildfires. The company’s equipment has been blamed for starting some of the fires. It said it expects the reorganization to support its liabilities resulting from the 2017 and 2018 Northern California wildfires.