PG&E to Plead Guilty to Manslaughter in Camp Fire Cases
Bankrupt California utility PG&E (NYSE: PCG) has agreed to plead guilty to 84 counts of involuntary manslaughter and one count of unlawfully causing a fire related to the 2018 Camp Fire, clearing a key hurdle in the company's effort to emerge from bankruptcy court protection this year.
PG&E filed for bankruptcy in January 2019 to deal with an estimated $30 billion in liabilities stemming from the Camp Fire, among the deadliest in California history. While in many cases a bankruptcy filing is game over for equity holders, the utility's plan of reorganization envisions common shares retaining some of their value upon emergence.
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Source Fool.com
