PG&E just filed for bankruptcy. Now creditors, shareholders and wildfire survivors will have to wait in a very long line of people waiting to get paid by the utility.
In filing for Chapter 11 bankruptcy protection, California’s largest utility is looking to whittle down its mountain of debt while restructuring company operations.
This isn’t the first time PG&E has filed for bankruptcy. Ratepayers are still paying off costs from the company’s first bankruptcy 18 years ago.