From Reuters:
Exclusive: PG&E to tap restructuring chief in final bankruptcy preparations - sources
California utility owner PG&E Corp is preparing to name a restructuring chief as it finalizes preparations for a bankruptcy filing expected to come as soon as early Tuesday morning, people familiar with the matter said.
PG&E plans to file for bankruptcy protection in a San Francisco federal court, the sources said, in part to address liabilities it expects to top $30 billion stemming from catastrophic wildfires in the last two years that have killed more than 100 people and destroyed numerous homes.
The San Francisco-based utility owner, which carries debt exceeding $18 billion, is in the final stages of discussions to appoint longtime turnaround specialist James Mesterharm as its chief restructuring officer to help the company navigate bankruptcy proceedings, the sources said.
The company is pressing on with its bankruptcy plan, which it announced earlier this month, even as some of its creditors proposed last-ditch rescue-financing packages to prevent such a move, some of the sources said.
I wonder just how much of that $18 billion was wasted on alt.energy scams. 100% comes to mind. Bad management and no accountability.
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