PG&E to file for bankruptcy protection as California wildfire costs mount

Utility Dive: PG&E's second bankruptcy protection proceeding in as many decades is imminent. Under California law, companies must give employees at least 15 days notice of a bankruptcy filing, and the utility told the Securities and Exchange Commission (SEC) to expect the filing "on or about Jan. 29."

California's head utility regulator had previously said that he did not want to see PG&E file for bankruptcy protection, saying the process could jeopardize reliable gas and power service. PG&E, however, told the SEC a Chapter 11 filing is "the only viable option to restore PG&E's financial stability to fund ongoing operations and provide safe service to customers."

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