News Brief: PG&E CEO exits, company announces plans for bankruptcy filing

PG&E says it will file for voluntary bankruptcy protection in order to give the company time to restructure its debts associated with several deadly wildfires over the last two years.
A Pacific Gas & Electric Company vehicle is seen at PG&E's Gas Safety Training Facility in Winters on January 14, 2019. Photo by Matthew Keys/Winters Express
A Pacific Gas & Electric Company vehicle is seen at PG&E’s Gas Safety Training Facility in Winters on January 14, 2019. Photo by Matthew Keys/Winters Express

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Bloomberg reported the company could send notices to employees about the bankruptcy filing on Monday. Sure enough, the company announced via a newly-created webpage that it would file for Chapter 11 bankruptcy protection toward the end of the month in order to restructure most of its debt. “We remain committed to helping them through the recovery and rebuilding process,” Simon said in a statement. “We believe a court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion. We expect this process also will enable PG&E to access the capital and resources we need to continue providing our customers with safe service and investing in our systems and infrastructure.” [caption id="attachment_765844" align="alignnone" width="1024"]The logo of the Pacific Gas & Electric Company is seen in front of PG&E's Gas Safety Academy in Winters on January 14, 2019. Photo by Matthew Keys/Winters Express The logo of the Pacific Gas & Electric Company is seen in front of PG&E’s Gas Safety Academy in Winters on January 14, 2019. Photo by Matthew Keys/Winters Express[/caption] For PG&E’s customers, nothing changes in terms of how the utility company will provide electricity and gas services to homes and businesses within its service area. But the long-term effects of PG&E’s liabilities and forthcoming Chapter 11 filing remains to be seen. Earlier this month, National Public Radio reported PG&E was considering selling off its natural gas division as soon as this spring. PG&E officials would not go on the record about the report, but if true, the consequence of the sale could have an impact on the utility’s gas safety training center in Winters. Reached for comment one day after the report, City Manager John Donlevy said no one from PG&E had discussed a plan to sell off the gas services portion of the company with city officials in Winters, adding that the plan “sounds like a pretty big issue.” PG&E said it would not be making press officials available to comment about the bankruptcy proceedings, directing reporters and members of the general public to a newly-launch webpage at pge.org/reorganization for more information.]]>

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