PG&E Corporation disclosed this morning that it and its regulated utility subsidiary, Pacific Gas and Electric Company expect to file for chapter 11 bankruptcy protection with $5.5 billion in committed DIP financing on or around Jan. 29. In an 8-K this morning, PG&E said it is facing “extraordinary challenges relating to a series of catastrophic… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
On January 14, PG&E gave notice as required by the wildfire bill from last summer that it intends to file for bankruptcy protection in 15 days. What is the notice? As part of the wildfire legislation that passed in California last summer (SB 901), we included language protecting workers. One of those protections is the… [Read More]
This afternoon, Geisha Williams announced that she is stepping down as PG&E’s CEO. John Simon, Executive Vice President & General Counsel, will serve as acting CEO while the Board conducts a search. We have worked well with John and expect a good working relationship. With no Chief Operating Officer, three recent high-level retirements in the electric department, and… [Read More]
An important message from IBEW 1245 Business Manager Tom Dalzell: Many of our members are asking about Saturday’s report by Bloomberg News that PG&E might post a notice on Monday telling employees that it intends to file for bankruptcy protection. Local 1245 does not make decisions or even comment on speculation. If PG&E files a… [Read More]
In 2018, IBEW 1245 worked diligently to incorporate a number of key worker protections in the language of SB 901 (Dodd), the Wildfire Conference Committee bill, which would be triggered in the event of a change of ownership or bankruptcy of a California IOU, including PG&E. In either event, for full-time rank and file employees… [Read More]
California’s head utility regulator said Thursday he does not want utility Pacific Gas and Electric (PG&E) to go bankrupt over escalating costs related to California’s record wildfire season, sending shares soaring in after-hours trading.
Pacific Gas & Electric (PG&E) has warned state lawmakers that it may need to declare bankruptcy or reorganize, depending on its liability for the wildfires that devastated parts of California in October, 2017, a Sacramento CBS affiliate reports.
Bankruptcy would be a disaster for workers and consumers The wildfires our state experienced last year were unprecedented destruction and loss of life. To many, myself included, the scope of the damage seemed unimaginable – how, in 2017, could a disaster of that magnitude occur? We are all looking for the causes of the fires… [Read More]