PG&E Reportedly Eyeing Breakup, Bankruptcy In Wake Of Multiple Devastating Wildfires

Following the deadly and destructive Camp Fire an aerial view of the Northern California town of Paradise is seen on Nov. 15 2018

PG&E Corp. said a camp stove was found near one of two spots where California officials have indicated utility equipment caused a deadly 2017 wildfire, raising the possibility that campers may have contributed to the blaze. The company was considering the move, for some or all of its businesses, as it fears a massive charge in the fourth quarter related to potential liabilities from wildfires. They also note a potential second ignition point involving PG&E distribution lines. California lawmakers have passed a law that would protect the company from the 2017 fire and fires in 2019 and after but not the 2018 fire.

PG&E "could face a liquidity crisis by mid-to-late '19", Greg Gordon, an analyst at Evercore ISI, said in a research note Monday. Lawmakers were in talks late a year ago for legislation to protect the company from liabilities related to the 2018 fires. The company's shares have lost about half their value since the November 8 outbreak of an even more destructive conflagration called the Camp Fire, the deadliest in state history, which leveled the northern California town of Paradise.

The company didn't immediately reply to an email seeking comment on Monday. But they added that "exploitive tactics and a reticence toward change will not improve" the company's profile. "We recognize the need to balance the interests of many stakeholders while maintaining safe, reliable, and affordable services for our customers, which is always our top priority". "We argue bankruptcy may be a substantive solution for several of PCG's woes, and should be considered a credible risk by shareholders".

As of August 3, 2018, 135 wildfires are burning on 1.6 million acres of private, state, tribal, and federal land. The utility is "currently reviewing and will respond" to the request.

Fiji Water girl Kelleth Cuthbert star of show at Golden Globe Awards
She claims the Golden Globes was a once in a lifetime experience, despite having been in the industry for 12 years. Half a year later, we got married in spite of being two people who actively rebuked the idea of marriage.

Nishikori clinches Brisbane International title
Returning to Sydney as the World No.16, Nishikori believes that the Russian has the potential to crack the top ten Down Under. He went on to make the final of the Monte Carlo Masters, the quarters at Wimbledon, and the semis of the US Open.

Uber driver pleads guilty to six murders in 2016 Michigan shooting spree
He told investigators the Uber app made him "like a puppet" and that it would "take over your whole body". Dalton was accused in the slaying of six people in Kalamazoo, Michigan , in 2016.

Pacific Gas & Electric, California's largest utility, is under attack over its equipment's role in starting multiple deadly wildfires.

"Legislation is the way forward as it will allow to keep the utility alive and mitigate any negative impact one can get from the bankruptcy", Pourreza said. People familiar with the situation said on Friday the company was considering bankruptcy as an option, something it did do in 2001 during the California energy crisis.

"We assess this announcement as the culmination of a decisive souring of the political and regulatory environment", S&P said in a statement.

Konolige, meanwhile, wouldn't rule out what he called a strategic bankruptcy.

Related news:

Hot News

isis-killer-beheading-video-story-top Marvel's Spider-Man Getting Something Fantastic Four Related 'Soon'
Jan 10, 2019 - 01:08
Marvel has teased that something "fantastic" is heading to Insomniac Games' Spider-Man game on PlayStation 4. Spider-Man's DLC slate has ended, too, so it's safe to assume we're probably looking at a new suit.

isis-killer-beheading-video-story-top Bears will face Broncos head coach Vic Fangio on 2019 schedule
Jan 10, 2019 - 01:08
Despite more than 30 years as a coach in the National Football League this will be the first time Fangio will be a head coach. He did a strong job of putting together a staff a year ago , but Fangio and the defense was already in place.

isis-killer-beheading-video-story-top Trump halts federal funding to fight California wildfires
Jan 10, 2019 - 00:59
The tweet comes a day after Governor Gavin Newsom held a press conference with fire officials regarding fire prevention. President Donald Trump Tuesday tweeted a threat to cut off funding to help victims of California wildfires .

isis-killer-beheading-video-story-top Rosenstein plans to leave Justice Dept. shortly after Barr confirmed
Jan 10, 2019 - 00:56
Barr is expected to face questioning from Democrats about his views of the Mueller investigation at next week's hearing. There is no set timeline for Mr Rosenstein's departure, according to USA media.

isis-killer-beheading-video-story-top Lindsay Lohan Just Re-Created Her Viral #DoTheLilo Dance
Jan 10, 2019 - 00:55
The video, which went viral in September, shows Lohan grooving from side to side before doing a hair toss and a spin. The cast of a MTV reality series that focuses on Lindsay Lohan's nightclub in Mykonos, Greece .

isis-killer-beheading-video-story-top The Google Assistant Ride 360° Tour at CES 2019
Jan 10, 2019 - 00:49
Sonos first announced that it was working with Google when it introduced the Sonos One speaker in late 2017. Google Assistant routines allow you to trigger multiple actions with a single phrase.

isis-killer-beheading-video-story-top Trump pleads on TV for wall money; Dems say he ‘stokes fear'
Jan 10, 2019 - 00:29
The meeting in the Situation Room Wednesday afternoon came ahead of Trump's planned trip to the southern Texas border on Thursday. In fact, House Democrats passed legislation the day they took control of the House that offered $1.3 billion for border security.

isis-killer-beheading-video-story-top Former Canadian PM Kim Campbell calls Donald Trump a 'motherf**ker'
Jan 09, 2019 - 07:10
Rashida Tlaib (D-Mich.) took flak for her profane impeachment comment. The evening after the swearing-in ceremony, newly-elected Rep.

isis-killer-beheading-video-story-top Kawhi booed heavily by Spurs fans in return
Jan 09, 2019 - 06:42
The same thing happened during introductions, as Spurs fans gave Green a standing ovation and then ramped up the boos for Leonard. Considering how the Warriors were able to take the lead before the final possession, Harden's game-winner was poetic justice.

isis-killer-beheading-video-story-top Alienware Upgrades Popular m15 Gaming Powerhouse With New NVIDIA GPUs
Jan 09, 2019 - 06:18
People were impressed by the tech but not excited about the price, especially when the top of the line 2080 Ti goes for £1,200. With ray-tracing being implemented into laptop technology, gaming laptops are certainly becoming more interesting.

isis-killer-beheading-video-story-top Russian lawyer in Trump Tower meeting has ties to Kremlin
Jan 09, 2019 - 06:14
Russian authorities took a different course and later accused him of having participated in the fraud scheme himself. The case was settled in 2017, with Prevezon paying a $5.9 million fine without admitting any wrongdoing.

isis-killer-beheading-video-story-top Apple is doing a amusing job of shunning CES this year
Jan 09, 2019 - 05:13
Apple, which does not maintain a regular presence at CES , did not immediately return FOX Business' request for comment. The black and white image also includes an outline of an iPhone XS and Apple's privacy webpage address.

isis-killer-beheading-video-story-top A growing number of Americans blame Trump for shutdown: Reuters-Ipsos poll
Jan 09, 2019 - 04:15
The government shutdown has reached its 17th day, making it the third-longest shutdown in United States history. More should be revealed about Trump's eventual endgame for the shutdown tomorrow.

isis-killer-beheading-video-story-top Citizenship Bill: Protests paralyse North East
Jan 09, 2019 - 03:57
The AGP has been opposing the Citizenship Bill, saying if it is passed, the NRC exercise in the state would be of no use. The opposition Congress and the All Indian United Democratic Front (AIUDF) have 25 and 13 members respectively.

isis-killer-beheading-video-story-top Eye-tracking Vive VR headset headlines HTC's CES 2019 showcase
Jan 09, 2019 - 03:57
Tell us all your thoughts in the comment section below! Over 1,000 new games have been introduced to the platform since then. With the all new materials are soft, light and also breathable, this is a VR headset created to fit you.