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SAN FRANCISCO (AP) – The parent company of California's largest utility is assessing its finances and structure as a result of fires that could expose it to billions of dollars of liability.
Pacific Gas & Electric Corp. Friday in a press release that did not specify any of the potential plans of the company. National Public Radio, citing an anonymous manager and a former employee, said PG & E was planning to divest a large part of the company to build a fund to cover possible forest fire claims.
State fire investigators have accused public utility power lines of causing a number of forest fires in California in October 2017.
Investigators n & # 39 have not determined the cause of a major forest fire that destroyed the city of Paradise in November, but rumors centered on PG & E.
Sources close to the company said to Reuters that PG & E was considering filing for bankruptcy. They stated that bankruptcy was not PG & E's preference for dealing with forest fire issues and that it was not certain that the company would file a complaint, but they were preparing well. . ] The last bankruptcy of PG & E dates back to 2001.
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