• No. 1 U.S. utility PG&E prepares bankruptcy filing after California wildfires

    2 monthes ago - By Reuters

    PG&E Corp , owner of the biggest U.S. power utility by customers, said on Monday it is preparing to file for Chapter 11 bankruptcy protection as soon as this month amid pressure from potentially crushing liabilities linked to California's catastrophic wildfires in 2017 and 2018.
    Read more ...

     

  • Some of the biggest names in the hedge-fund industry may have gotten whacked by betting on PG&E at exactly the wrong time

    Some of the biggest names in the hedge-fund industry may have gotten whacked by betting on PG&E at exactly the wrong time

    2 monthes ago - By Business Insider

    Pacific Gas and Electric Company , California's biggest utility provider, has seen its value plunge by 80% after last November's deadly California wildfire.
    The utility on Monday said it intends to file bankruptcy petitions at the end of the month to reorganize under Chapter 11.
    Eight hedge funds snapped up shares in the third quarter - before the wildfire broke out.
    Including Monday's loss, those eight firms would have lost $1.8 billion over the past three months if they held on to their positions, according to Markets Insider's calculations.
    Pacific Gas and Electric Company...
    Read more ...