Why Shares of PG&E Are Falling Today
Shares of PG&E (NYSE: PCG) traded down more than 23% on Friday morning on fears that the bankrupt California utility's transmission poles are responsible for one of the fires currently blazing in the state. If so, it would be a fresh complication for the utility as it attempts to reorganize and get out from under the liability burden of previous fires.
PG&E filed for bankruptcy in January as part of a plan to deal with $30 billion in wildfire liabilities resulting from the 2018 Camp Fire in northern California, which caused 85 deaths and massive property damage. The company has been the target of criticism from state lawmakers and creditors, including fire victims who worry PG&E's bankruptcy reorganization plan will not give them full recovery. The judge overseeing the bankruptcy has allowed alternative plans filed by creditors to be considered.
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Source Fool.com
