devastating forest fires in California have driven the largest U.S. energy company PG&E in Bankruptcy. Already on Sunday, the Head of the group, Geisha Williams, resigned. This Monday the Management to announce a request for creditor protection for the end of January.
In November, had destroyed the forest fires in the small town of Paradise in Northern California, totally, at least 86 people died. Investigators are currently checking whether the equipment of the company have triggered the massive forest fire in Northern California in November. Victims of the disaster, accusing PG&E negligence and claim damages.
The group operates thousands of miles of power lines, according to reports in the media, partly out of date. The company could face in connection with the fires in 2017 and 2018 according to its own data costs of up to $ 30 billion. In 1996 PG&E paid due to chromium-contaminated groundwater $ 333 million, then the largest damages sum in the history of the United States.
In the context of insolvency proceedings will be the group’s restructuring. The process is expected to take, according to consultants, for up to two years. The power supply should not be affected. PG&E supplies in California, with 5.4 million customers with electricity and 4.3 million natural gas. More customers has no energy companies in the United States.