California’s biggest utility was plunged into full-blown crisis by the possibility that its equipment sparked the catastrophic wildfires ravaging the state.
Shares of PG&E Corp. plummeted as much as 18 percent Nov. 14 after the company said it had exhausted its revolving credit lines, signaling its growing financial stress.
“It really raises a lot of fears for investors,” Bloomberg Intelligence analyst Kit Konolige said. “It seems to me that it’s maybe a desperation move.”
PG&E has a total of $3.46 billion in cash and cash equivalents, and another $1.4 billion in wildfire insurance coverage, according to regulatory filing Nov. 13. ...