Rothschild-Operated PG&E: CEO Resigns, Company to File Bankruptcy Due to California Wildfire Liabilities
Monday, January 14, 2019
Rothschild-Operated PG&E: CEO Resigns, Company to File Bankruptcy
A notice may signal that the company has accelerated plans to make a Chapter 11 filing as way of dealing with crippling liabilities from wildfires that tore through California in 2017 and 2018, killing over 100 people and destroying hundreds of thousands of acres. Investigators are probing whether PG&E’s equipment ignited the deadliest of the blazes. The company is facing as much as $30 billion in damages — a prospect that has wiped out two-thirds of PG&E’s market value, sent its bonds plummeting to record lows and prompted rating companies to downgrade PG&E’s debt to junk.
