The Briefing Room

General Category => Economy/Business => Topic started by: Right_in_Virginia on January 14, 2019, 04:21:36 pm

Title: PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires liabi
Post by: Right_in_Virginia on January 14, 2019, 04:21:36 pm

PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires liability
CNBC, Jan 14, 2019

PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.
 
Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down.

The company provided the official 15-day advance notice that it and its wholly owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29.

The company, California's largest investor-owned utility, has 16 million customers across a 70,000-square-mile service area in Northern and Central California.

There was some speculation that perhaps PG&E was bluffing in order to force aid from California. CNBC's David Faber said that sources told him that is not the case.


More:  https://www.cnbc.com/2019/01/14/pge-stock-craters-as-beleaguered-utility-faces-bankruptcy.html (https://www.cnbc.com/2019/01/14/pge-stock-craters-as-beleaguered-utility-faces-bankruptcy.html)

Title: Re: PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires l
Post by: truth_seeker on January 14, 2019, 05:18:47 pm

Daughter of Cuban immigrants, Latina female, making her a double count Affirmative Action, for "Diversity."


She falls on her highly compensated sword, although many decision other high level makers were involved in approving unsafe practices.


Now let's get into the agencies (and legislation), regulating forestry management practices, be they federal, state, county etc.

Title: Re: PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires l
Post by: truth_seeker on January 14, 2019, 05:35:16 pm

http://investor.pgecorp.com/news-events/press-releases/press-release-details/2019/PGE-Board-of-Directors-Conducting-Search-for-New-Chief-Executive-Officer/default.aspx (http://investor.pgecorp.com/news-events/press-releases/press-release-details/2019/PGE-Board-of-Directors-Conducting-Search-for-New-Chief-Executive-Officer/default.aspx)

http://investor.pgecorp.com/news-events/press-releases/press-release-details/2019/PGE-Board-of-Directors-Conducting-Search-for-New-Chief-Executive-Officer/default.aspx (http://investor.pgecorp.com/news-events/press-releases/press-release-details/2019/PGE-Board-of-Directors-Conducting-Search-for-New-Chief-Executive-Officer/default.aspx)

Title: Re: PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires l
Post by: Hoodat on January 14, 2019, 05:45:33 pm

PG&E provided the spark, and the State of California provided the dead timber.

Title: Re: PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires l
Post by: IsailedawayfromFR on January 14, 2019, 06:07:56 pm

Likely encouraged by the state of California wants to wipe the slate clean of the company's horrible carbon-emitting power generation.  They can build now those wonderful wind and solar plants to incinerate and chop up more endangered birds.