PG&E Bankruptcy Filing Looming
SACRAMENTO (CBS13) — Sources are telling Bloomberg that PG&E may notify its staff as soon as tomorrow it intends to file for bankruptcy.
A new state law passed last year requires the company to give its employees a 15-day notice of such action.
ALSO: PG&E Ordered To Inspect All Territory For Trees, Equipment That Could Cause Wildfires
According to Reuters, PG&E is already talking to banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings.
The utility is crippled with liabilities from California's deadly wildfires, facing as much as $30 billion in damages, a prospect that has wiped out two-thirds of PG&E's market value.
NEW: PG&E announced today it's seeking a new Chief Executive Officer following the departure of Geisha Williams. The Board of Directors has named John Simon Interim CEO.