Saturday, 19 January, 2019

PG&E is tanking after report says it's considering filing for bankruptcy protection

Camp Fire: PG&E gets sued by insurance companies PG&E Reportedly Eyeing Breakup, Bankruptcy In Wake Of Multiple Devastating Wildfires
Laurie Berry | 08 January, 2019, 14:49

Pacific Gas & Electric Company (PG&E) was getting hit hard Monday, down more than 18% at $19.93 a share, after a report out late Friday said it was considering filing for bankruptcy protection.

Shares of PG&E were down 14 per cent in pre-market trading on the NY stock exchange.

PG&E is also exploring selling its gas unit, potentially through a court-supervised auction during bankruptcy proceedings, one of the sources said.

It said its board of directors is engaging outside experts for advice on wildfire safety, but it did not identify any potential plans to address liability or safety.

PG&E, which filed for bankruptcy once before in 2001, said in November it could face "significant liability" in excess of its insurance coverage if its equipment was found to have caused last year's fires in northern California.

Kelly Reportedly Does Not Know Half of 'Surviving R. Kelly' Participants
Kelly gives them something that they won't see in the blinding heat of the limelight", jlabbeii wrote. McGee's daughter also claimed that her mother bragged about the lifestyle she lived while dating R.

Despite the news, UBS analyst Daniel Ford raised his price target from $26 to $29, saying it assumes PG&E is "not liable for Tubbs and reflects a higher $15.1B net liability ($11.3B prior) for 2017 and 2018 due to the Camp fire but a lower cost of funding (7.5% versus 9.0% WACC)".

The Sacramento Bee reports that PG&E is already facing multiple lawsuits from wildfire survivors. In response to a request for a comment from Fortune, PG&E emailed: "T$3 he PG&E Board is reviewing structural options to best position PG&E to implement necessary changes while meeting customer and operational needs".

PG&E, whose shares have lost almost half of their value since the wildfire, said it is working with a leading search firm to identify new directors and is interviewing several candidates.

Reuters reported previous year that the company was working with bankruptcy advisors. The company is also being kept under close scrutiny by Cal Fire, the Public Utilities Commission, and federal prosecutors.

The San Francisco Chronicle in December reported that California state Senator Bill Dodd called for a management shakeup at PG&E in light of the CPUC findings.

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