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| -Short Attention Span Theater- |
| Candles and kerosene lamps to make comeback as PG&E files for bankrupsy |
| 2019-01-29 |
| (Reuters) - Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018. The owner of the biggest U.S. power utility has filed a motion seeking court approval for a $5.5 billion debtor-in-possession financing, it said in a statement. PG&E listed assets of $71.39 billion and liabilities of $51.69 billion, in a court document filed in the U.S. Bankruptcy Court for the Northern District of California. "Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted by the devastating Northern California wildfires," PG&E interim Chief Executive Officer John Simon said. The company said it intends to pay suppliers in full under normal terms for goods and services provided on or after the date of the Chapter 11 filing. Separately, PG&E shareholder BlueMountain Capital Management LLC said it was "deeply disappointed" that the company’s board ignored calls from multiple parties to abandon its "reckless and irresponsible plan to file for bankruptcy." The investment firm said it would propose a slate of board directors no later than Feb. 21, and urged all PG&E stakeholders to support change at the company. |
| Posted by:Besoeker |
| #6 Chicago fire |
| Posted by: M. Murcek 2019-01-29 12:25 |
| #5 When the banks went bust the shareholders got zeros and the bondholders got taxpayer's money. Just thought this sounded similar. |
| Posted by: Bright Pebbles 2019-01-29 08:58 |
| #4 Bankruptcy judges usually give bondholders the worstest haircuts firstest... |
| Posted by: M. Murcek 2019-01-29 08:31 |
| #3 Sounds like bondholder stealing the company for a good excuse. |
| Posted by: Bright Pebbles 2019-01-29 08:18 |
| #2 Ignoring threats, be they uncleared power lines in a tinder induces environment or asking for all sort of personal data to be stored on unsecured servers, should get management subject to real and enforced fiduciary liabilities from the stockholders. You want them big paydays and golden parachutes, better include your own army of lawyers for your decisions exposing the company to liabilities. |
| Posted by: Procopius2k 2019-01-29 07:15 |
| #1 Today's 'mind worm' melody. |
| Posted by: Besoeker 2019-01-29 06:58 |