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PG&E Shutoffs, California Wildfires: The Latest

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PG&E Shutoffs, California Wildfires: The Latest

PG&E Corporation (NYSE: PCG) shares were trading higher Friday after the company reported that improving weather conditions in some parts of the areas affected by the the utility's preemptive blackouts have allowed for an “all clear” to be issued for safety inspections, repair and restoration efforts to begin in many areas.

At the same time, one death has been reproted in a wildfire burning in the San Fernando Valley in Los Angeles, according to KTLA5

The Saddleridge Fire now spans more than 4,000 acres and has resulted in over 12,000 homes being put under mandatory evactuation, the TV station reported. 

A second fire in Riverside County was ignited Thursday by a dump truck driver who offloaded burning trash, the Los Angeles Times reported. The fire destroyed 74 mobile homes. 

PG&E Bankruptcy Update 

While the shutoffs and wildfire were a concern for consumers, investors in PG&E were concerned with other news the company was stripped of its right to exclusively pitch a reorganization plan in court.

On Thursday, the company’s shares traded 30% lower after the judge presiding over the company’s bankruptcy cleared the way for bondholders to come up with a restructuring plan.

The company was stripped of its right to exclusively pitch a reorganization plan in court, escalating an an already heated battle over the largest utility bankruptcy in U.S. history. 

The damages, which are tied to the blazes that its equipment ignited, forced the company to file for Chapter 11 bankruptcy in January.

PG&E shares were up 6.56% at $8.29 during the time of publication. The stock has a 52-week high of $49.42 and a 52-week low of $5.07.

Related Links:

PG&E Plummets After Bankruptcy Judge Allows For Rival Chapter 11 Exit Plan

PG&E Trades Higher After Reaching $11B Wildfire Settlement

Posted-In: KTLA5 Los Angeles TimesNews Legal Top Stories Media Best of Benzinga

 

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