BREAKING NEWS 1 dead after boating accident on Shasta Lake Full Story
SEVERE WX : Fire Weather Watch View Alerts

PG&E Will File for Bankruptcy Protection

According to PG&E, the company intends to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29, 2019.

Posted: Jan 13, 2019 5:41 PM
Updated: Jan 14, 2019 2:16 PM

Updated 2:14 p.m. Monday, Jan. 14, 2019 - PG&E will file for bankruptcy protection. 

According to PG&E, the company intends to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019.

The company has engaged in discussions with potential lenders with respect to Debtor-in-Possession ("DIP") financing. The DIP financing will provide PG&E with funding so that the company can continue to operate and serve customers. 

PG&E stated that they do "not expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process." It also stated that its employees will continue to receive their pay and health care benefits as usual. 

In the press release sent out regarding the bankruptcy, PG&E also stated that it "remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue."

California Governor Gavin Newsom responded to the announcement, saying: "While PG&E announced its intent to file bankruptcy today, the company should continue to honor promises made to energy suppliers and to our community. Throughout the months ahead, I will be working with the Legislature and all stakeholders on a solution that ensures consumers have access to safe, affordable and reliable service, fire victims are treated fairly, and California can continue to make progress toward our climate goals."

---

Updated Sunday, Jan. 13, 2019 - Action News Now asked PG&E officials for comment on the Associated Press article below. They told us they do not comment on "market rumors or speculation."

PG&E issued a press release Sunday about changes in their leadership structure, naming John Simon as the Interim Chief Executive Officer. He is replacing former CEO Geisha Williams, who resigned from both the holding company and the utility.

In the sidebar to this article we are including the entire press release issued Sunday, Jan. 13, 2019 by PG&E.

---

SAN FRANCISCO, Calif. - (AP) - A newspaper says employees of Pacific Gas and Electric could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.

The San Francisco Chronicle reports Sunday that under a new state law, PG&E must tell its employees at least 15 days before a change of control in the company - including a bankruptcy filing.

That notice may come as soon as Monday. The news was first reported by Bloomberg.

PG&E is in discussions with lenders about a financing package worth up to $5 billion. It would allow the company to continue operating during Chapter 11 bankruptcy proceedings.

State fire investigators blamed the utility's power lines for causing a number of California wildfires in October 2017.

**Headline changed to reflect the fact that PG&E plans to file for bankruptcy**

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 250514

Reported Deaths: 6315
CountyConfirmedDeaths
Los Angeles1078063457
Riverside19450479
Orange15778360
San Diego15696387
San Bernardino13676269
Imperial6979105
Alameda6472140
Fresno562677
Kern510080
Santa Clara4849160
Tulare4627136
San Joaquin447455
San Francisco377650
Sacramento355969
San Mateo3441108
Contra Costa343279
Santa Barbara326129
Ventura324047
Marin271019
Kings258332
Stanislaus239144
Monterey179115
Solano147625
Merced127211
Sonoma126710
Placer78611
San Luis Obispo7012
Yolo58324
Madera5665
Santa Cruz4173
Napa3444
San Benito2572
Lassen2340
Butte2063
El Dorado2060
Sutter2063
Humboldt1444
Shasta1354
Nevada1231
Glenn1220
Yuba1031
Tehama881
Lake850
Mendocino850
Colusa700
Calaveras530
Del Norte511
Tuolumne430
Mono411
Inyo331
Siskiyou310
Mariposa271
Amador260
Plumas110
Alpine20
Trinity20
Sierra10
Unassigned00
Chico
Few Clouds
91° wxIcon
Hi: 96° Lo: 65°
Feels Like: 91°
Oroville
Clear
90° wxIcon
Hi: 97° Lo: 66°
Feels Like: 90°
Paradise
Few Clouds
91° wxIcon
Hi: 89° Lo: 66°
Feels Like: 91°
Chester
Clear
82° wxIcon
Hi: 77° Lo: 52°
Feels Like: 82°
Red Bluff
Clear
93° wxIcon
Hi: 97° Lo: 66°
Feels Like: 93°
Willows
Few Clouds
91° wxIcon
Hi: 99° Lo: 63°
Feels Like: 91°
We head into the holiday weekend on a slightly cooler than average note, but that will change quickly on the 4th of July and on Sunday with more heat and stronger breezes coming.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events