By Nick Baum
TUESDAY – 1/29/19
PG&E (Pacific Gas and Electric) filed for bankruptcy early this morning as claims grew of the 2018 California wildfires, or Camp Fire, being started by them. They announced that they were filing for chapter 11 bankruptcy due to the amount of money they had to pay off in reparations for the disaster, going from the largest power company in the state to a now bankrupt business.
In a statement, PG&E CEO John Simon said that the company will work “to create a more sustainable foundation for the delivery of safe, reliable and affordable service.” They’ll file for bankruptcy under the Northern District of California, but have to wait through a 14-day process in order for it to be official.
The Camp Fire, which PG&E are claimed to be the starters, killed 86 people and destroyed over 14,000 homes. The company announced that bankruptcy is the only way they can fully pay off the reparations, and that they were currently seeking approval of a $5.5 Billion financing agreement.
Sources and Pictures: Wikipedia, CNN, Brainer D Dispatch, CNN Business