PG&E shares plunge on bankruptcy worries

PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise California

Dubbed "Project Falcon", the utility is considering whether or not to sell off its natural gas division this spring, with net proceeds of the sale being used to establish a fund to pay billions in potential liability costs stemming from the wildfires.

Pacific Gas & Electric Corp. could face billions of dollars in potential liability involving massive wildfires in California - some of which have already been linked to equipment operated by the company.

The company's roughly $18 billion in bonds also fell on Monday, with over 80 percent of the issues trading down.

Some of California's most destructive wildfires on record occurred in 2017 and 2018.

Over the last two years, the massive number of severe wildfires in California have placed insurance companies in the state under serious financial pressure. The company could be engaged in similar brinkmanship now, he said.

California Public Utilities Commission chief Michael Picker said that same month that he couldn't imagine allowing the state's largest utility to go into bankruptcy. Federal prosecutors who secured felony convictions against PG&E after the deadly 2010 San Bruno pipeline explosion have said the fires could represent a violation of the terms of probation the utility received in the San Bruno case.

Kalamazoo Uber driver pleads guilty to 6 murders in 2016
A man charged with killing six strangers between picking up rides for Uber has pleaded guilty to murder in southwestern MI . Dalton was in court Monday morning, a day ahead of his trial for the murder of those six people and injuring two others.

Jermain Defoe joins Rangers on 18-month loan deal
We've desperately lacked a player just like him this season, and we can't wait to see him in action. In terms of natural finishers he is up there with the Fowlers of this world.

Citizenship Bill row: Meghalaya CM and NPP president to call party meet
The Bill seeks to provide Indian citizenship to non-Muslims from Bangladesh , Pakistan and Afghanistan . In Dehi Trinamool Congress MPs staged a protest in Parliament against the Citizenship Bill.

PG&E is reportedly considering bankruptcy protection if it gets slapped with a fourth quarter earnings charge for potential liabilities due to the recent wildfires.

The company didn't immediately reply to an email seeking comment on Monday. "We argue bankruptcy may be a substantive solution for several of PCG's woes, and should be considered a credible risk by shareholders".

Cal Fire, which is investigating the Camp Fire, has yet to determine the exact cause of the fire. "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". But they added that "exploitive tactics and a reticence toward change will not improve" the company's profile. 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.

"Without adequate political and regulatory support, we can not rule out a Chapter 11 filing", Christopher Turnure analyst at J.P. Morgan said in a note.

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

Related News:



Most liked

Denver Broncos hire Bears' Vic Fangio as head coach
Instead, the Bears' season ended earlier than expected and now the man Mack dubbed an "evil genius" will join Miller in Denver. Kubiak coach the Broncos for two seasons and led them to the Super Bowl 50 championship three years ago.

Ex-Russia inquiry chief Rod Rosenstein 'plans to resign'
He said it took about "three seconds" for him to get the answer he was looking for concerning what Barr thinks of Mueller. It is not clear who Trump will nominate to fill Rosenstein's position.

Cleveland Browns Hire Freddie Kitchens As Their New Head Coach
It was reported by Cleveland.com that the Browns already reached out to some of the coaching staff, asking them to stay. Under Jackson and Haley, Mayfield played in six games and threw for eight touchdowns and six interceptions.

Trump walks out of border security meeting after Pelosi rejects wall pitch
Pete Hegseth said the ongoing border security battle highlights just how far to the left the Democratic Party has drifted. It's unclear if any of the networks will give Democrats "equal time" after Trump makes his address.

Trump bullish on U.S.-China trade talks
The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade. The timing of Monday's foray by the USA naval ship coincided with the commencement of trade talks between the two countries.

Trump campaign chief gave polling data to Russian
They said he began talking with investigators before dawn, answering questions for "many hours" and "usually the entire day". It is unclear whether the polling data was related to the briefings for Deripaska.

Drone sighting grounds planes at Heathrow Airport
London's Heathrow Airport says flight departures have been suspended as a precaution after a reported drone sighting. On Tuesday, the Government announced a package of measures created to give police extra powers to combat drones .

National Basketball Association roundup: Spurs’ DeRozan burns Raptors
The same thing happened during introductions, as Spurs fans gave Green a standing ovation and then ramped up the boos for Leonard. Gay played 23 minutes to Popovich's surprise, who thought the 13-year veteran would miss the game with a sprained left wrist.

RESIDENT EVIL 2 HD REMAKE 1-Shot Demo Coming This Friday!
And if you prefer Resident Evil 2 digitally, it's Rs. 3,380 for the Xbox One, Rs. 3,375 on PS4, and Rs. 2,999 for PC via Steam. You've probably seen a bit of footage of Resi 2 by now, so chances are you'll be familiar with the locations of the demo .

NVIDIA Announces GeForce RTX Mobile, Available January 29th on 40+ Gaming Laptops
The RTX 2060 will be available worldwide starting on January 15 in computers built by Acer, Alienware, Dell , Lenovo, and more . Overall, the design is largely the same as the previous model, featuring really thin side bezels, and an LED-lit keyboard.

Bruce Arians, former Jets coach Todd Bowles reuniting in Tampa Bay
Bowles finished his four-year tenure as Jets head coach with a 24-40 record, including a 14-34 mark over his final three seasons. Rumors are circulating that recently fired Jets coach Todd Bowles is the top target for defensive coordinator.

Mexico border situation a 'growing crisis': Donald Trump
Schumer himself admitted last week that "a fence works" but claimed that "a concrete wall is expensive and it doesn't work". He asserted that the government remained shut down because Democrats wouldn't fund border security.

Pats’ McDaniels: ‘Book is closed’ interviewing for open jobs
He said he wasn't sure if that decision factored into teams' willingness to approach him about coaching jobs this time around. Patriots offensive coordinator Josh McDaniels is not and was not a candidate for the Browns' head coaching position.

Could Greg Schiano Replace Brian Flores As Patriots’ Defensive Coordinator?
His NFL knowledge coaching the secondary is only going to enhance and improve what has become a marquee area for the Buckeyes. These were just the latest body blows for a MI program that's won one game against Ohio State in the last 15 years.

HTC teases standalone Vive Cosmos, Vive Pro Eye VR headsets
Tell us all your thoughts in the comment section below! What is the most exciting news you've heard so far during CES 2019? A year ago at CES 2018, HTC announced the Vive Pro HMD with higher resolution screens, and showed off its wireless adapter.