PG&E CEO Steps Down Amid Reports of Bankruptcy Preparations

PG&E CEO Steps Down Amid Reports of Bankruptcy Preparations

PG&E said it is in discussions with lenders about receiving roughly $5.5 billion in debtor-in-possession financing to help it operate while navigating through bankruptcy.

PG&E Corp. stated that it aimed to file to reorganize under chapter 11 on or around January 29.

The utility holding company said it did not see any impact to electric or natural gas services for its customers as a result of a bankruptcy. In a PG&E report last month, the company outlined how employees discovered damaged power towers minutes before the Camp Fire broke out.

John Simon, who served as PG&E's executive vice president and general counsel, will now be the utility's interim CEO until the board finds a permanent replacement and said the utility's "single most important responsibility" is safety.

The company's deepening financial crisis has forced California regulators and policy makers to consider a bailout package and PG&E is weighing whether to file for bankruptcy.

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, the San Francisco Chronicle reported.

Amazon-owned Ring has reportedly been spying on customer camera feeds
Ring engineers and executives were reportedly given access to "unfiltered, round-the-clock" feeds of some users' footage. Using a corresponding database, those same employees could link specific video files to the owner's Ring account.

The cause of the Camp Fire is still under investigation, according to state fire officials.

PG&E could be on the hook for tens of billions of dollars for its potential role in California's devastating Camp Fire past year - the deadliest and most destructive wildfire in the state's history.

The utility said it would keep spending on system safety as it provides gas and electric "in an environment that continues to be challenged by climate change".

Pacific Gas and Electric said last month it determined weather conditions were no longer unsafe 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 PG&E board of directors is pushing Williams out as CEO over fallout from the company's liability in sparking deadly wildfires across California.

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