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Energy Provider PG&E Files for Bankruptcy, the Last Gasp of Its Incredible Fall

Pacific Gas & Electric, a California-based energy and power provider and owner of the country’s biggest power utility, has filed for Chapter 11 bankruptcy protection on January 29, after the company became overwhelmed by the liabilities resulting from the Northern California wildfires of 2017 and 2018.

In a published statement, the company, which owns the largest power utility in the United States, is seeking approval from the court for a $5.5 billion debtor-in-possession financing.

A court document filed with the United States Bankruptcy Court for the District of Northern California showed that the company had assets totaling $71.39 billion, while its liabilities totaled $51.69 billion.

PG&E Interim Chief Executive Officer John Simon remarked about the filing:

Read the full story on CCN.com.