PG&E to file for bankruptcy

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Pacific Gas and Electric helmet PG&E-159532.jpg03857005

Facing liabilities stemming from the California wildfires, the Pacific Gas & Electric Company will file for bankruptcy, the company announced Monday.

The Chapter 11 bankruptcy announcement follows the announcement that CEO Geisha Williams resigned, and that John Simon will serve as interim chief executive.

PG&E said Monday that it’s given the required 15-day advance notice that it plans to file for Ch. 11 bankruptcy protection.

The company has already been blamed by state fire investigators for wildfires that broke out in October 2017.

The Company does not expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process, according to a news release. PG&E remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue.

The Company also expects that its employees will continue to receive their pay and healthcare benefits as usual.

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