Bankruptcy Law News

PG&E Bailout Hopes Crushed as California Shows Little Interest

Jan. 14, 2019, 5:31 PM

Now that PG&E Corp. has said it plans to file for bankruptcy, analysts are seeing little chance that California lawmakers will step in anytime soon with a bailout for the beleaguered power provider.

California’s largest utility, which faces potential liabilities of $30 billion or more from deadly wildfires, said it will file under Chapter 11 of the U.S. bankruptcy code by Jan. 29, according to a Securities and Exchange Commission filing Jan. 14. Governor Gavin Newsom issued a statement signaling he’s willing to let PG&E proceed, saying that at the same time “the company should continue to honor promises made...

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