Investors Offer PG&E $4 Billion To Avoid Bankruptcy
SAN FRANCISCO (CBS SF) – A group of investors is offering San Francisco-based Pacific Gas & Electric Co. a $4 billion plan to avoid filing for bankruptcy.
According to Bloomberg, the offer comes after last week's report from Cal Fire that found PG&E was not responsible for the deadly Tubbs Fire that tore through Sonoma County in 2017.
Earlier this month, PG&E announced it would file for Chapter 11 bankruptcy protection as soon as January 29th. The utility is facing liabilities, possibly up to $30 billion, resulting from recent wildfires.
KPIX 5 reached out to the utility about the investor plan. But a spokesperson said Monday, "we do not comment on market speculation."
