SAN FRANCISCO (AP) — The Latest on utility PG&E seeking bankruptcy protection (all times local):
California Gov. Gavin Newsom says he'll work to make sure consumers have access to safe and affordable power and that fire victims are treated fairly after PG&E announced plans to file for bankruptcy.
Pacific Gas & Electric announced Monday it plans to file petitions to reorganize under Chapter 11 on or about Jan. 29.
The utility has already been blamed by state fire investigators for wildfires that broke out in October 2017.
It also faces lawsuits from victims of last year's Northern California fire that killed at least 86 people. It was the deadliest wildfire in recent U.S. history.
No cause has been determined, but investigators are looking into the possibility it was sparked by a malfunctioned line.
Late Sunday, the utility said that chief executive Geisha Williams had resigned and that John Simon will serve as interim chief executive.
Facing potentially colossal liabilities over deadly California wildfires, PG&E will file for bankruptcy protection.
The announcement Monday follows the resignation of the power company's chief executive a day earlier.
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 says will be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.
Late Sunday, PG&E Corp. said that CEO Geisha Williams resigned, and that John Simon will serve as interim chief executive.
Information from: San Francisco Chronicle, http://www.sfgate.com