PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires liability

PG&E says it is preparing a Chapter 11 bankruptcy protection filing
PG&E

PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.
Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down. The stock has lost more than 80 percent of its value over the last three months.
The company provided official 15-day advance notice that it and its wholly owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29.
Read more starting at ‘The company, California’s largest investor-owned utility, has 16’ at…….PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires liability

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