Util­ity faces bank­ruptcy

Albuquerque Journal - - NEWS -

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.

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