PG&E is preparing to file it’s 2nd Chapter 11 Bankruptcy in 20 years. Prior to filing, PG&E was able to secure a 5.5-billion-dollar loan to keep the company functioning through the two-year process. This loan will help keep PG&E customer’s utilities and services operating safely through the course of the bankruptcy.
Currently PG&E is facing 30 billion dollars in liabilities stemming from the California Wildfires in 2017 and 2018. PG&E was just cleared of liability from the Tubbs fire in Sonoma County in October of 2017. Clearing PG&E from that liability may reduce the companies projected debt by approximately $8 billion dollars.
Some are now calling into question whether PG&E should and or needs to file bankruptcy. PG&E still has several assets that could be sold, including its headquarters building in San Francisco. Some people are also anticipating that PG&E may split up the company and sell off its gas business.
For more information about bankruptcy reach out to yourFairfield bankruptcy attorney.
Categorized in: News