NEW YORK (AP) - California's largest power company is getting battered in midday trading on reports that it's considering bankruptcy protection in the face of potentially crippling liability damages from a spate of wildfires.
No cause has been determined for the source of California's Camp Fire, but PG&E reported an outage around the time and place the fire was ignited. Another transmission line malfunctioned a short time later, possibly sparking a second fire.
Reuters, citing anonymous sources, reports that the company has considered seeking financial shelter in bankruptcy court with potential liabilities reaching into the tens of billions.
Shares tumbled 22 percent Monday, the latest severe sell-off for the company since November and the outbreak of the state's deadliest recorded wildfires.
PG&E Corp. did not immediately respond to a request for comment.
- PG&E Shares Hammered as Potential Liabilities Mount
- Preparing for potential PG&E power outages
- California regulators nix rules limiting carmaker liability
- City council votes against curfew for potential PG&E power shutoffs
- Potential PG&E power shutoff impact for north Chico restaurant
- Paradise supermarket gears up for another potential PG&E blackout
- PG&E customers talk about impacts as next potential blackout nears
- Gov. Newsom shares his frustration with PG&E blackout
- D4 avalanche hits Mount Shasta
- PG&E Fire Safety