Overwhelmed by billions of dollars in claims from the Camp Fire and the 2017 wildfires of Northern California, PG&E said Monday it plans to file for bankruptcy, but insisted it will not go out of business.
The embattled utility gave 15-day notice of its intent to file for protection under Chapter 11 of the bankruptcy code, as required by a state law enacted last fall to deal with utility fire liabilities. The company made the announcement less than 12 hours after announcing the resignation of its CEO, Geisha Williams.
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