PG&E stock plummets after report it’s eyeing bankruptcy filing

PG&E Corp.

PCG, +1.88%

stock fell 25% in after-hours buying and selling Friday after a report that the corporate was eyeing bankruptcy filings for some or all of its companies. Citing nameless sources, Reuters reported that the corporate was contemplating filing for bankruptcy as a result of it may quickly face a “significant” cost associated to liabilities associated to California wildfires in 2017 and 2018. Because of potential legislative assist, PG&E has not but decided whether or not it should make a bankruptcy filing, Reuters reported. PG&E faces potential penalties within the billions from authorized motion associated to 2017 and 2018 California wildfires. California lawmakers have passed a law that would protect the corporate from the 2017 hearth and fires in 2019 and after however not the 2018 hearth. Lawmakers had been in talks late final yr for laws to guard the corporate from liabilities associated to the 2018 fires. PG&E stock rose 1.9% Friday in common buying and selling, because the S&P 500 index

SPX, +3.43%

rose 3.4%.

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