PG&E Files For Bankruptcy After Billions in Wildfire Damage Claims

Pacific Gas and Electric—America's largest utility—has filed for bankruptcy after being pursued for billions of dollars in damage claims related to deadly California wildfires. The company said Tuesday morning that it had submitted a Chapter 11 bankruptcy filing in the Northern District of California. The move comes on the back of insurance claims, amounting to at least $7 billion, from the Camp Fire which is believed to have started when a PG&E power line came in contact with nearby trees. John Simon, the company's interim CEO, said he would work “to create a more sustainable foundation for the delivery of safe, reliable and affordable service,” adding: “We have heard the calls for change and we are determined to take action throughout this process to build the energy system our customers want and deserve.” The Camp Fire caused 86 deaths and destroyed 14,000 homes, 500 businesses and 4,300 other buildings.