From the Wall Street Journal:
PG&E Corp. filed for bankruptcy protection on Tuesday as it struggles with billions of dollars in potential liabilities from its role in sparking California wildfires, triggering one of the largest corporate-reorganization cases in years.
California's biggest utility, which provides natural gas and electric service to 16 million people, sought protection under chapter 11 of the bankruptcy code. The process to restructure its debts is expected to be protracted, involving state and federal regulators, with wide-ranging implications for utility customers, fire victims, shareholders and wholesale power providers.
PG&E telegraphed earlier this month that it planned to file for bankruptcy, complying with a recently enacted state law that requires it to provide a 15-day notice before taking that step. It estimated its total debts at $51.689 billion and said its assets stood at $71.385 billion...