California utility company Pacific Gas & Electric on Monday morning that it will move forward in filing for Chapter 11 bankruptcy.
On the PG&E website, the company stated it would, "initiate voluntary reorganization proceedings under Chapter 11." The company said it is providing California's required 15-day advance notice as it intends, "to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019."
This announcement comes a day after the company's CEO Geisha Williams resigned.
On a statement on its website, the company stated:
"During this process, the Company is also committed to continuing to make investments in system safety as it works with regulators, policymakers and other key stakeholders to consider a range of alternatives to provide for the safe delivery of natural gas and electric service for the long-term in an environment that continues to be challenged by climate change. PG&E expects that the Chapter 11 process will, among other things, support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires, and will assure the Company has access to the capital and resources it needs to continue to provide safe service to customers.
The Company does not expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process. PG&E remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue. The Company also expects that its employees will continue to receive their pay and healthcare benefits as usual."
The company also posted a list of items that it expects from the Chapter 11 process:
- Enable continued safe delivery of natural gas and electric service to PG&E’s millions of customers;
- Support the orderly, fair and expeditious resolution of PG&E’s potential liabilities resulting from the 2017 and 2018 Northern California wildfires;
- Enable PG&E to continue its extensive restoration and rebuilding efforts to assist communities affected by the 2017 and 2018 wildfires in Northern California;
- Allow the Company to work with regulators and policymakers to determine the most effective way for customers to receive safe natural gas and electric service for the long-term in an environment that continues to be challenged by climate change; and
- Assure the Company has access to the capital and resources necessary to support ongoing operations and enable PG&E to continue investing in its systems, infrastructure and critical safety efforts, including investing in its Community Wildfire Safety Program, an additional precautionary safety measure implemented following the 2017 Northern California wildfires to further reduce wildfire risk.
The full press release from PG&E can be found on its website.