PG&E, utility tied to wildfires, will file for bankruptcy

PG&E, the state's largest utility, said Monday it will file for bankruptcy on January 29, after a 15-day waiting period required by California law.

It needs to use the bankruptcy process, which will allow it to shed some of its debt, to pay for damages and stay in business to provide gas and electric service to its customers.

"The people affected by the devastating Northern California wildfires are our customers, our neighbors and our friends, and we understand the profound impact the fires have had on our communities and the need for PG&E to continue enhancing our wildfire mitigation efforts," said John Simon, who was named interim CEO on Sunday, in a statement.

We believe a court-supervised [bankruptcy] process ...will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion."

On Sunday night the company reported that CEO Geisha Williams, who had been in the job less than 11 months, has stepped down .

Correction: An earlier version of this article misstated the length of the time PG&E must wait before filing for bankruptcy.

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