Utility faces bankruptcy
SAN FRANCISCO — Employees of Pacific Gas and Electric could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.
PG&E must tell its employees at least 15 days before a change of control in the company — including a bankruptcy filing. That notice may come today. PG&E is in discussions with lenders about a financing package worth up to $5 billion, allowing the company to continue operating during Chapter 11 proceedings.