PG&E Says It Will File Chapter 11 Bankruptcy
California utility PG&E Corp. on Jan. 14 gave its workers the state-required 15-day advance notice of its intent to file a Chapter 11 bankruptcy. The company on Monday said its electric and natural gas service to customers should not be impacted during its reorganization, which comes as PG&E faces billions of dollars in liabilities related to the role of its equipment in a series of deadly wildfires over the past two years.
The company late Sunday said that PG&E CEO Geisha Williams had stepped down, with John Simon named interim CEO. PG&E’s board said it would search for a new chief executive with “extensive operational and safety expertise.” Williams had been CEO since 2017. Simon has held various roles with the company since 2007, most recently as executive vice president and general counsel.
PG&E in a news release Monday said the company “and its wholly owned subsidiary Pacific Gas and Electric Company currently intend to file petitions to reorganize under Chapter 11 of theĀ U.S.…