PG&E talking to banks on multibillion dollar bankruptcy financing

It's official, a statement was just released. PG&E Has announced it's intent to file bankruptcy under chapter 11 on or about January 29, 2019.

PG&E Declares Bankruptcy; Lawmakers Respond

The company has engaged in discussions with potential lenders with respect to Debtor-in-Possession ("DIP") financing. The DIP financing will provide PG&E with funding so that the company can continue to operate and serve customers.

PG&E stated that they do "not expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process." It also stated that its employees will continue to receive their pay and health care benefits as usual.

In the press release sent out regarding the bankruptcy, PG&E also stated that it "remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue."

California Governor Gavin Newsom responded to the announcement, saying: "While PG&E announced its intent to file bankruptcy today, the company should continue to honor promises made to energy suppliers and to our community.

Throughout the months ahead, I will be working with the Legislature and all stakeholders on a solution that ensures consumers have access to safe, affordable and reliable service, fire victims are treated fairly, and California can continue to make progress toward our climate goals."

originally posted by: LookingAtMars
It's official, a statement was just released. PG&E Has announced it's intent to file bankruptcy under chapter 11 on or about January 29, 2019.

PG&E Declares Bankruptcy; Lawmakers Respond

The company has engaged in discussions with potential lenders with respect to Debtor-in-Possession ("DIP") financing. The DIP financing will provide PG&E with funding so that the company can continue to operate and serve customers.

PG&E stated that they do "not expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process." It also stated that its employees will continue to receive their pay and health care benefits as usual.

In the press release sent out regarding the bankruptcy, PG&E also stated that it "remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue."

California Governor Gavin Newsom responded to the announcement, saying: "While PG&E announced its intent to file bankruptcy today, the company should continue to honor promises made to energy suppliers and to our community.

Throughout the months ahead, I will be working with the Legislature and all stakeholders on a solution that ensures consumers have access to safe, affordable and reliable service, fire victims are treated fairly, and California can continue to make progress toward our climate goals."

Not good news for all those holding common stock in PG&E.

I once held such stock, but sold it decades ago after it split 2 for 1.

That was my first, and last foray into the world of the stock market.

What happens to the former PGE employees who have 401k’s and are retired, are they protected?

a reply to: 38181

Not sure, but the ex-CEO is going to be just fine. I know you are glad to hear that

PG&E ex-CEO gets $2.5 million severance amid wildfire woes Former PG&E CEO Geisha Williams lands $2.5 million in cash for severance pay despite being in charge during lethal wildfires of 2017 and 2018

I didn't see anywhere in the story that said anything about a "Tower Eyed as Cause of Deadly Camp Fire".

Maybe it is in the video in the story linked below, but I just can't listen to Erin Brockovich. Not gonna do it.

Hook on Calif. Utility's Tower Eyed as Cause of Deadly Camp Fire

The cause of a 2017 fire that swept through Santa Rosa and the 2018 fire that destroyed Paradise are still under investigation. PG&E is under scrutiny in both cases, and lawsuits have been filed by people who lost their homes and are underinsured or lack insurance.

Brockovich is part of the legal team representing victims of the 2017 fires.

Under a PG&E bankruptcy, wildfire victims likely won't get all of the money they have sued for, experts have said. Brockovich and Noreen Evans, a former state lawmaker representing wildfire victims, suggested the Legislature should allow PG&E to take out state-backed bonds to cover the costs of the 2018 fire and potentially pass some costs to ratepayers to avoid bankruptcy.

Alsup has noted that California fire investigators referred 12 wildfires caused by PG&E equipment for possible criminal prosecution. He has proposed imposing new probation terms on the utility, including that it remove or trim all trees that could fall onto its power lines, poles or equipment in high-wind conditions and re-inspect its entire electric grid.