PG&E stock nosedives after it says it will file for bankruptcy

Geisha Williams speaks during the 2018 CERAWeek by IHS Markit conference in Houston Texas on Thursday

PG&E said Monday that it's given the required 15-day advance notice that it plans to file for Ch. 11 bankruptcy protection.

The company said the action will allow it to be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.

The CEO of Pacific Gas and Electric resigned Sunday and employees could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.

PG&E said on Sunday its chief executive officer was leaving and being replaced by General Counsel John Simon on an interim basis.

Board Chairman Richard Kelly said "a Chapter 11 reorganization for both the utility and PG&E Corporation represents the only viable option to address the company's responsibilities to its stakeholders".

State fire investigators blamed the utility's power lines for causing a number of California wildfires in October 2017. "Our search is focused on extensive operational and safety expertise, and the Board is committed to further change at PG&E".

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The full press release from PG&E can be found on its website.

California Gov. Gavin Newsom said in a statement to KTVU the company should continue to "honor promises made to energy suppliers and to our community".

The Camp Fire, the most deadly and destructive fire in state history, has yet to be assigned an official cause, but PG&E reporting having an equipment malfunction near the spot around the same time the fire ignited.

Pacific Gas and Electric said last month it determined weather conditions were no longer risky enough to warrant a massive power shut off on November 8 - a decision that came as a massive fire was tearing through a Northern California town.

The company's board chose to oust CEO Geisha Williams and undergo a restructuring at a board meeting this weekend in San Francisco, according to a source familiar with the matter. The Camp Fire killed 86 people and all but destroyed the town of Paradise.

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