Pacific Gas & Electric says it could be liable for more than $30 billion in property losses and other costs associated with wildfires in California last year and in 2017.
The company included the figure in a filing on Sunday with the U.S. Securities and Exchange Commission. PG&E told the SEC the company's board of directors had determined filing for bankruptcy was appropriate.
As of Friday, PG&E said it was facing roughly 50 lawsuits stemming from a wildfire in November that destroyed the town of Paradise and killed at least 86 people. It was facing another 700 or so lawsuits stemming from wildfires in Northern California in 2017.
The cause of the Paradise fire is under investigation, but investigators are looking into the possibility it was sparked by a PG&E power line that malfunctioned.
The announcement Monday follows the resignation of the power company's chief executive a day earlier.
The company says will be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.
Late Sunday, PG&E Corp. said that CEO Geisha Williams resigned, and that John Simon will serve as interim chief executive.
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Information from: San Francisco Chronicle, http://www.sfgate.com
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