PG&E shares plunge on bankruptcy worries

PG&E shares plunge on bankruptcy worries

It's a unsafe game, though, as Monday's market reaction showed. The stock fell 21% by midday Monday. The bonds are now the most active in the investment-grade market.

PG&E (NYSE:PCG) -26.2% after-hours following a Reuters report that it is considering filing for bankruptcy protection for some or all of its businesses, as it faces billions of dollars in potential liabilities related to California wildfires in 2017-18. Two analysts called the idea an "exploitive" tactic that won't help PG&E's profile.

PG&E did not respond to a request for comment.

Investigators have not determined the cause of a massive wildfire that destroyed the town of Paradise in November.

Cal Fire is now conducting an investigation into the cause of the Camp Fire.

The company could face murder or manslaughter charges if it were found responsible for causing the state's recent deadly wildfires, according to court documents filed by California's attorney general. The shares were down 22 per cent to US$19.04 at 2:28 p.m.

In weighing a bankruptcy, power giant PG&E Corp. may be firing a warning shot to California lawmakers: Help us or watch the largest utility in your state go insolvent.

Vivek Oberoi shines as Narendra Modi
Produced by Sandip Ssingh. "A team of around 12-15 researchers have been working on the film for the past three years". The biopic is being directed by Omung Kumar who is popular for helming the Mary Kom biopic starring Priyanka Chopra.

Allstate Insurance, State Farm, and USAA have each filed lawsuits against Pacific Gas and Electric (PG&E). The company could be engaged in similar brinkmanship now, he said.

A federal judge overseeing a case that resulted in a criminal conviction for the company following a 2010 pipeline explosion has asked PG&E to explain any role it may have had in the Camp Fire. "Last year, they were able to fool the legislature with the narrative of bankruptcy or bailout, and the legislature gave them a bailout".

A bankruptcy filing is not certain, the sources said. Lawmakers declined, but they allowed the company to pass along some of the costs from the 2017 fires to its customers in hopes of sparing it from bankruptcy. "We argue bankruptcy may be a substantive solution for several of PCG's woes, and should be considered a credible risk by shareholders".

PG&E announced the assessment of its finances in a news release that did not elaborate on any potential plans. "We recognize the need to balance the interests of many stakeholders while maintaining safe, reliable, and affordable services for our customers, which is always our top priority".

A bankruptcy filing is not PG&E's preference for addressing liabilities from the catastrophic blazes, some of the sources said.

The prospect of a state takeover may not offer a panacea, Bloomberg Intelligence analyst Kit Konolige said. But that is just a possibility, they said, so bankruptcy preparations are being made. "The assumption that whatever you put in place of PG&E would be better - that's really unproven".

Related Articles

  • Emma Stone apologises for 'white-washed' role at Golden Globes 2019

    Although the cameras don't show her face during this moment, it's been confirmed that it was she who shouted it out. In an interview with news.com.au the year the film was released, Stone said, "I've become the butt of many jokes ".
    World Bank President Jim Yong Kim Resigns Before End of Term

    World Bank President Jim Yong Kim Resigns Before End of Term

    World Bank CEO Kristalina Georgieva will serve as interim president upon Kim's February 1 departure, the bank said in a statement. He later went on to join the World Health Organization as an adviser, later rising in ranks at the World Bank in 2012.
    US House passes bill to end government shutdown, Trump threatens veto

    US House passes bill to end government shutdown, Trump threatens veto

    That effort is created to squeeze Senate Republicans, some of whom are growing increasingly anxious about the extended shutdown. The bills, however, do not include $5.6 billion President Donald Trump has demanded to build a wall on the southern border.
  • Canucks rookie sensation Elias Pettersson leaves game with apparent knee injury

    Canucks rookie sensation Elias Pettersson leaves game with apparent knee injury

    The Maple Leafs halted their losing streak at two games, playing one of their best all-around games of the season. Matthews put things out of reach at 4:45 of the third on a wraparound for his 20th, and first in six games.
    Liverpool defender Alexander-Arnold admits Man City defeat still burns

    Liverpool defender Alexander-Arnold admits Man City defeat still burns

    Liverpool are likely to make several changes to the side that started Thursday's defeat by Manchester City . It's a chance to win a trophy - and everyone at Liverpool wants to win things.
    NVIDIA's $349 RTX 2060 GPU is more powerful than a 1070 Ti

    NVIDIA's $349 RTX 2060 GPU is more powerful than a 1070 Ti

    The RTX 2060 also packs 1920 CUDA cores , a 1365MHz/1680MHz base/boost clock speed and 6GB of GDDR6 RAM running at 14Gbps. However, 4K with all the same settings is still surprisingly somewhat playable with the frame rate hovering around 25fps.
  • Dolphins interview Saints' Allen for head coaching job

    Dolphins interview Saints' Allen for head coaching job

    The Milwaukee Journal Sentinel's Tom Silverstein first reported the Packers will interview former Dolphins head coach Adam Gase . IIn his lone season with the Bears, he helped quarterback Jay Cutler achieve one of the most productive seasons of his career.

    Blackout announced — Survival horror Alien

    From what I understand, the game takes between the events of Alien and Aliens , just like Alien: Isolation did. Alien: Blackout is an entirely different thing, though, and it's out on iOS and Android later this year.
    Trump likely to meet with China’s Wang Qishan in Davos

    Trump likely to meet with China’s Wang Qishan in Davos

    U.S. officials are meeting their counterparts in Beijing this week for the first face-to-face talks since U.S. They criticize his tactics but echo US complaints about Chinese industrial policy and market barriers.
  • A strong jobs report could provide reassurance on economy

    A strong jobs report could provide reassurance on economy

    There are concerns that tightening financial market conditions because of the steep stock market selloff could hurt hiring. But the expected continuation of steady job growth suggests that such risks might be - for the moment, anyway - overblown.
    Gabon soldiers seize radio station in coup attempt

    Gabon soldiers seize radio station in coup attempt

    The 59-year-old, scion of a family that has ruled Gabon for more than half a century, has not been in the country since October. AU chief Moussa Faki Mahamat, in a tweet, said his organisation "strongly condemns the coup attempt" in Gabon .
    Here’s How Trump Thinks He Can Get His Wall

    Here’s How Trump Thinks He Can Get His Wall

    But the letter also provided a fuller picture of Trump's border demands. On Sunday, Trump appeared confident he would get his way in a Tweet .