Monday, 25 March, 2019

PG&E Declares Bankruptcy And CEO Resigns

PG&E may notify its employees this week of potential bankruptcy PG&E Bankruptcy Filing Looming
Laurie Berry | 14 January, 2019, 19:13

The board of directors chose John Simon as interim CEO.

California's largest utility company said on Sunday its chief executive had resigned as the firm faces billions of dollars in potential liabilities tied to the state's deadly and destructive wildfires previous year.

PG&E said Monday that it has only about $1.5 billion in cash and cash equivalents on hand. A notice does not necessarily mean that PG&E is filing for Chapter 11 protection, but signals that the utility may be considering bankruptcy as a way of coping with an estimated $30 billion in liabilities for fires that took place in 2017 and 2018. It needs to use the bankruptcy process, which will allow it to shed some of its debt, to pay for damages and stay in business to provide gas and electric service to its customers.

The company's board chose to oust CEO Geisha Williams and undergo a restructuring at a board meeting this weekend in San Francisco, according to a source familiar with the matter. "From the moment I was elected, I have been closely monitoring the impact of PG&E's existing and potential future liability for the deadly wildfires on the victims of the fires and the consumers who rely on PG&E for their electric and gas service". "We believe John is the right interim leader for the company while we work to identify a new CEO".

Shares in the company are expected to fall by more than 50% when trading begins on Monday. But PG&E has suggested it may be responsible.

Barak accuses Netanyahu of security breach in breaking Israel ambiguity on Syria
Israel and the United Nations say the tunnels violate a ceasefire resolution made after a 2006 war between Israel and Hezbollah. Hezbollah has not commented on the tunnels, the existence of which have been confirmed by UNIFIL peacekeepers.

The company's deepening financial crisis has forced California regulators and policy makers to consider a bailout package and PG&E.

PG&E Corp.'s former Chief Executive Officer Geisha Williams will likely walk away with millions in cash after guiding California's biggest utility through a turbulent two years that may send it to bankruptcy court. The utility said bankruptcy was the best way forward for employees and those who are claiming losses from wildfires that may have been caused by its power lines.

Williams was CEO for less than two years, but she had been with PG&E since 2007.

"PG&E faces extensive litigation and significant potential liabilities resulting from these wildfires". Three months later, however, the utility's equipment again was being looked at as a possible source of the Camp Fire, which killed 86 people and destroyed the town of Paradise.

The company has already been blamed by state fire investigators for wildfires that broke out in October 2017.

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