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PG&E, owner of biggest U.S. power utility, files for bankruptcy

Reuters 

By Subrat Patnaik(Reuters) - Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018.The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $5.5 billion debtor-in-possession financing, it said in a statement.PG&E listed assets of $71.39 billion and liabilities of $51.69 billion, in a court document filed in the U.S. Bankruptcy Court for the Northern District of California."Throughout this process, we are fully committed to enhancing ...

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First Published: Tue, January 29 2019. 15:09 IST
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