Corporate Law News

PG&E Bankruptcy Looms, CEO to Exit as Fire Costs Dwarf Cash (4)

Jan. 14, 2019, 11:38 AMUpdated: Jan. 14, 2019, 6:06 PM

PG&E Corp. said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer.

The San Francisco-based company said it intends to reorganize under Chapter 11 of the U.S. bankruptcy code on or about Jan. 29 after giving the required 15-day notice to employees, according to a filing at the Securities and Exchange Commission Monday. On Sunday, the company started searching for a new leader after Geisha Williams, 57, resigned as chief executive officer. General counsel...

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