(Reuters) – Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018. The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $5.5 billion debtor-in-possession financing, it said in a statement. “Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted by the devastating Northern California wildfires,” PG&E interim Chief Executive Officer John Simon said. The company said it intends to pay suppliers in full under normal terms for goods and services provided on or after the date of the Chapter 11 filing. Separately, PG&E shareholder BlueMountain Capital Management LLC said it was “deeply disappointed” that the company’s board ignored calls from multiple parties to abandon its “reckless and irresponsible plan to file for bankruptcy.” The investment firm said it would propose a slate of board directors no later than Feb. 21, and urged all PG&E stakeholders to support change at the company. PG&E, which had a debt burden of more than $18 billion, said earlier this month it would need to… continue reading
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