Tuesday, 22 January, 2019

PG&E talking with banks about multibillion dollar bankruptcy financing package

PG&E chief executive leaving as utility readies for possible bankruptcy PG&E Bankruptcy Filing Looming
Orlando Vargas | 14 January, 2019, 19:13

General counsel John Simon will take the helm in the meantime.

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".

PG&E said Monday that it has only about $1.5 billion in cash and cash equivalents on hand.

"We believe a court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion", Simon said in a statement.

"PG&E provides gas and electric service to 16 million Californians", he said in the statement.

PG&E said Monday that Williams will receive severance.

California's wildfires in 2017 and 2018 will likely cost tens of billions of dollars. On Sunday, the company started searching for a new leader after Geisha Williams, 57, quit as CEO. Shares were trading at almost $50 before the company disclosed that a faulty transmission tower may have caused the Camp Fire.

Meghan Markle 'reveals baby's due date' during Merseyside visit
Birkenhead MP Frank Field said he invited the royals to his constituency so they could get a real feel for the area's people. There is also speculation that private secretary Samantha Cohen is wrapping things up after 17 years with the Royal Family.


Cargo plane crashes in Iran with 10 onboard
Conservative news agency Tasnim said it was a military cargo plane carrying meat from the Kyrgyzstan capital of Bishkek. Emergency officials say rescue teams have recovered bodies of several victims from the site of cargo plane crash.


1 dead, 4 in critical condition at mass overdose in California house
He said the cause of death for the male victim is likely a drug overdose, but he added that it is too early in the investigation. Mike O'Brien, a police captain in Chico, California, said: "Certainly there's potential for additional fatalities".


Board Chairman Richard Kelly said "a Chapter 11 reorganization for both the utility and PG&E Corporation represents the only viable option to address the company's responsibilities to its stakeholders".

California utility company PG&E Corp. is in talks with investment banks about a financing package to aid the company through bankruptcy proceedings, Reuters reported on Sunday.

Newsom said during a press conference Thursday that his office would be making an announcement related to PG&E within the next few days and that the issue was at the top of his agenda.

The company, which has 20,000 employees, has assured its customers it expects to continue supplying power "without disruption". The PG&E (PCG) board said it would look to hire a new chief executive with "extensive operational and safety expertise".

The daughter of Cuban political refugees, Williams became the nation's first Latina CEO of a Fortune 500 company when she took over PG&E.

While state lawmakers rejected PG&E's request to change wildfire liability law, they did pass legislation in August that will help PG&E pay for lawsuits arising from the wine country fires. Investigators found that the power utility had caused 17 major wildfires in 2017, and evidence suggests the company may be responsible for others in 2018 as well, The Wall Street Journal reports. That blaze killed at least 86 people, destroyed 14,000 homes and leveled Paradise, a city of 27,000 residents.

Recommended

Rain makes de Minaur wait a day in Sydney Rain makes de Minaur wait a day in Sydney I fell in love with tennis after the epic 2008 Wimbledon final between Roger Federer and Rafael Nadal. Barty led the deciding set 3-0 before Kvitova began a comeback to win her 26th WTA title.

White House asked Pentagon for Iran strike plans White House asked Pentagon for Iran strike plans He has worked with Secretary of State Mike Pompeo in implementing a more hardline approach to Iran since taking office. The shells-launched by a group aligned with Iran-landed in an open lot and harmed no one.

Ocasio-Cortez generating more Twitter interactions than major media outlets Ocasio-Cortez generating more Twitter interactions than major media outlets Rank and file are peeved that there's a grassroots movement to try to win her a top committee post they feel she doesn't deserve. Around 150 people lost their jobs as a result of the closure of the coffee shop.

Meghan Markle gives fashion tips during royal visit to Smart Works Meghan Markle gives fashion tips during royal visit to Smart Works On the furry friends side, Markle becomes the royal patron of The Mayhew , an organization dedicated to animal welfare for pets. The four organisations the Duchess of Sussex has become a patron of have been announced by Kensington Palace.

Game of Thrones releases new season 8 teaser, official premiere date Game of Thrones releases new season 8 teaser, official premiere date We do know the final installment will consist of six episodes that are basically like movies, HBO boss Richard Plepler said. From season 7, we know the truth about Jon Snow's parents, which makes him a Targaryen, even though he doesn't yet know .

Suspect in Wisconsin killings, kidnapping due in court Suspect in Wisconsin killings, kidnapping due in court Her church family wants to make sure she knows she has support in the coming days, weeks, months and even years ahead. Glynn said Patterson displayed the kind of emotions and feelings you would expect of someone in this situation.

Chris Pratt and Katherine Schwarzenegger engaged Chris Pratt and Katherine Schwarzenegger engaged Pratt finally acknowledged the relationship on Instagram when he greeted his girlfriend last December for her 29th birthday. The news comes days after Pratt fuelled rumours through social media that they are moving in together.

Emery: Champions League qualification more difficult for Arsenal Emery: Champions League qualification more difficult for Arsenal But when pushed over why he opted to leave Ozil at home for the short trip to east London, Emery claimed all of those players who did make the trip deserved to be there.

Vicky Kaushal's URI takes a good start at the box office Vicky Kaushal's URI takes a good start at the box office With the great opening weekend on box office Uri: The Surgical strike becomes the first hit of the year 2019. Uri: The Surgical Strike is based on the surgical strikes which were carried out by the Indian army in 2016.

VDOT: Urge Drivers to Travel Around Winter Storm, Not During VDOT: Urge Drivers to Travel Around Winter Storm, Not During The ice is expected to last through midday Sunday , with another round of snow predicted for Sunday evening north of USA 64. Arctic air will accompany this next weather system with gusty winds and bitter cold wind chills Friday into next weekend.

Stunning TVs From CES 2019 You'll Want in Your Living Room Stunning TVs From CES 2019 You'll Want in Your Living Room At this week's Consumer Electronics Show in Las Vegas , Samsung unveiled a 219-inch television as part of a demonstration. That puts the U9F on par with Samsung's Q9FN QLED, which debuted in 2018 and became one of the best TVs of a year ago .

Rookie police officer in Northern California shot and killed Rookie police officer in Northern California shot and killed He said from the first day in the academy to the last day of an officer's career, they're mindful of these risky possibilities. She describes the city, a 15-mile drive west of Sacramento, as a "progressive, safe, family-oriented university community".

Lexus LC Convertible Concept is likely headed for production Lexus LC Convertible Concept is likely headed for production Lexus LC Convertible Concept is an amalgamation of best aspect of LC Coupe and dynamic design of open-air convertible. We hope to find out more about future plans for the Lexus LC Convertible Concept at the NAIAS next week.

Kuchar extends lead at Sony Open Kuchar extends lead at Sony Open His 64-65 weekend gave him a tie for seventh, and he now heads off to Singapore with hopes of earning a spot in the British Open. He'll be very comfortable over the next few weeks, remaining in Hawaii with his family for a two-week vacation.

Dallas Cowboys Defense Outplayed by Rams in Playoff Loss Dallas Cowboys Defense Outplayed by Rams in Playoff Loss But didn't stop T.O. from hitting out at his former coach, for garnering a modest 2 playoff wins in 10 years of service . Elliott gashed defenses this season to an National Football League best 1,434 yards on the ground.