Reuters exclusively reports California utility PG&E explores bankruptcy filing
Reuters exclusively reported that California utility company PG&E Corp is exploring filing some or all of its business for bankruptcy protection as it faces billions of dollars in liabilities related to wildfires in 2018 and 2017. Shares dropped as much as 26 percent following the news. The bankruptcy filing is not certain and would not be the company’s preference for addressing the liabilities, according to sources familiar with the matter. The company could still receive financial help through legislation, which would allow it to pass the costs of fire liabilities on to customers.