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PG & E applies for bankruptcy following forest fires in California



California's largest power company announced in a statement on Tuesday that it had filed Chapter 11 bankruptcy in the northern district of California.

PG & E said it was committed to maintaining customer service during the bankruptcy process.

John Simon, the company's interim CEO, said he will work to "create a more sustainable foundation for delivering a secure, reliable and affordable service."

"We have heard the demands for change and are determined to do so Throughout the process, measures must be taken to build the energy system that our customers want and deserve," he said in the statement.

PG & E has been linked to a series of forest fires in California, including the campfire, which claimed 86 casualties and 1

4,000 people destroyed homes, more than 500 stores, and 4,300 other buildings.

PG & E ( PCG ) announced on January 14 that it wished to file for bankruptcy, 15 but had to wait for calendar days under California law.

The company must use the bankruptcy process to settle a portion of its debt to pay damages and stay in business.

PG & E said Tuesday it was asking for $ 5.5 billion debtor approval. Possession financing agreement. Previously, a report said that only $ 1.5 billion in cash was available.

  California utility PG & E replaces the bankruptcy solicitor

The company quoted at least $ 7 billion in campfire claims the campfire was triggered when a PG & E power line came into contact with nearby trees.

PG & E reported a "failure" on a transmission line in the area where the fire started, about 15 minutes before PG & E found bullet-riddled power equipment and a dropped power pole within the massive incinerator area, and reported that it had found a severed line with tree branches.

Above In addition, a number of forest fires in 2017 – many of them PG & E – caused the blame and caused $ 10 billion in damage and loss nd 44 deaths. In eleven of these fires, state investigators found that the company had violated regulations or committed violations of brush removal near its power lines.


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