California’s largest investor-owned utility Pacific Gas and Electric Company is filing for Chapter 11 bankruptcy protection as a result of its liability for damages from the deadly wildfires that devastated Northern California and killed dozens of people. The company is facing a financial crisis, CNN reports, as it faces at least $30 billion in costs for the damages resulting from wildfires caused by its faulty equipment.
On Sunday, the company announced that its CEO Geisha Williams would be leaving and the company’s general counsel John Simon will be stepping in for the time being. On Monday, a regulatory filing revealed that it would file Chapter 11 bankruptcy protection by the end of the month.
According to the filing, the bankruptcy is “ultimately the only viable option to restore PG&E’s financial stability to fund ongoing operations and provide safe service to customers.”