Tuesday’s Top of the Scroll: PG&E files for bankruptcy over wildfire claims, ‘extraordinary financial challenges’
Unable to cope with wildfire claims, PG&E made good on its vow to file for bankruptcy Tuesday, launching a perilous journey with major implications for ratepayers, investors, state officials and the thousands of California wildfire victims who are suing the utility. Citing “extraordinary financial challenges” and a rapidly deteriorating cash position, Pacific Gas and Electric Co. and its parent PG&E Corp. sought Chapter 11 bankruptcy protection in an electronic filing shortly after midnight.
- Los Angeles Times: PG&E files for bankruptcy, battered by wildfires and scandals
- New York Times: PG&E files for bankruptcy protection in face of large wildfire liabilities