Officials say that P.G. & E. now plans to file for bankruptcy on January 29th….after a (required by law) 15-day waiting period. In a public filing, the company cited at least 7 billion dollars in claims from the “camp fire” alone, but said that they only have about 1.5 billion dollars in cash (or cash equivalents) on-hand. John Simon, who was named the interim C.E.O. of the company on Sunday, says they “remain committed to helping victims of the ‘camp fire” through the recovery and re-building process”….and that company officials believe a court-supervised bankruptcy process will be the best way to enable the company to “resolve its potential liabilities in an orderly, fair, and expeditious fashion”.
