The announcement follows the resignation of chief executive Geisha Williams a day earlier. Williams had been CEO since 2017.
Prior to being appointed interim CEO, Simon served as executive vice president and general counsel for PG&E.
"PG&E expects that the Chapter 11 process will, among other things, support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires", the utility stated in a press release.
However, analysts warned the bankruptcy filing will likely lead to higher costs for consumers unless the state government is able to quickly restore investor confidence.
Action News Now reporter Christina Vitale spoke with a lawyer to break down what bankruptcy means for the company.
As a result, PG&E as engaged in discussions with potential lenders when it comes to Debtor-in-Possession ("DIP") financing. But estimates of up to $30 billion in liabilities for wildfires in California appear to be too much to overcome in an environment where the power plant and utility business is becoming less profitable. Last year, PG&Esaid it expected to have to pay at least $2.5 billion to cover lawsuits from the fire; far beyond its 2017 profit of $1.66 billion. The company could face murder charges if found responsible for starting the Camp Fire, and it is already facing numerous lawsuits.
Meanwhile, the company is widely reported to be considering filing for bankruptcy protection as its stock price has nose-dived after it said in November that it could be liable for billions of dollars in excess of its insurance coverage from fires both previous year and in 2017. "We remain committed to helping them through the recovery and rebuilding process".
"The Chapter 11 process allows us to work with these many constituents in one court-supervised forum to comprehensively address our potential liabilities and to implement appropriate changes".
PG&E said it "does not expect" bankruptcy to impact service to customers, or pay and benefits to employees.
"Following a comprehensive review with the assistance of our outside advisors, the PG&E Board and management team have determined that initiating a Chapter 11 reorganization for both the Utility and PG&E Corporation represents the only viable option to address the Company's responsibilities to its stakeholders", said Richard C. Kelly, chair of the board of directors at PG&E. It said it believes bankruptcy is in the best interests of not just wildfire claimants but also other creditors, its shareholders and customers.
PG&E assured its customers that there would be no impact to electric or natural gas services for its customers because of the bankruptcy.
The legislature and the governor could decide to allow PG&E to pass along the costs associated with victim lawsuits and other fire losses to ratepayers, as they did past year for a series of deadly northern California blazes in 2017. It also indicated that it will continue to provide natural and electric to its customers during the restructuring phase.
Mark Toney, executive director of consumer advocate group the Utility Reform Network, said the atmosphere had cooled considerably toward PG&E in recent months, making a bailout politically more hard for lawmakers. The company made a decision to prepare to file for bankruptcy in part to address that issue, known as "inverse condemnation".
Neither China nor Canada have directly linked the two men's cases, but they led to speculation of retaliation for Meng's arrest. China's prosecutor-general said the two accused of endangering national security had violated the law "without a doubt".
Sarah McIver , an English teacher from Alberta, was arrested by the Chinese authorities over alleged work-permit violations. Schellenberg is the first foreigner to be tried in China on drug-smuggling charges in nine years.
The BBC estimates that May's deal is likely to be supported by about 240 MPs, far short of the number needed for passage. One of May's opponents in the Labour Party said he would table a vote of no confidence in the government if she loses.
Samsung's next line of TVs, coming this year, will offer voice control through Amazon's Alexa and Google's Assistant. The latest reports suggest that the company has sold more than 100 million Alexa-enabled devices in 2018.
The new governor criticized the lawman's handling of the February 2018 mass shooting at Marjory Stoneman Douglas High School . DeSantis named Gregory Tony , a veteran of the police department in Coral Springs, Broward County, as Israel's replacement.
She won the speakership by 220-192 vote over the Republican leader Congress Kevin McCarthy, who is now the House Minority Leader. She added that spending money on "more infrastructure at the ports of entry" and better technology would be more efficient.
Which means a whole lot of Americans are going to skip their annual fireworks and Brit-bashing to marathon the new series. We're not done fighting the monsters from the Upside Down, and the new teaser trailer makes that very clear.
Saudi Crown Prince Mohammed bin Salman attends the Future Investment Initiative conference in Riyadh on October 23, 2018. He was briefly detained in Riyadh's Ritz-Carlton, alongside dozens of other prominent Saudi royals and businessmen.
The First Seeds on the Moon Are Sprouting
Inside you'll find soil, yeast, fruit fly and silkworm eggs, as well as cotton, potato, tomato, and (flowering) thale cress seeds. Fred Watson, the Australian Astronomical Observatory's astronomer at large, described the development to the BBC as "good news" .
No more tweeting for Saudi asylum seeker after 'threats'
Alqunun, from Hail in northwestern Saudi Arabia, had said she feared she may have been killed if forced to return to her family. Ms al-Qunun said she would be departing for her new home "soon" and has been assigned an apartment in an unknown town or city.
Trump to travel to Southern border Thursday, Sarah Sanders says
That effort is created to squeeze Senate Republicans , some of whom are growing increasingly anxious about the extended shutdown. The dispute between the White House and the Democrats centers on Trump's demand for 5.7 billion dollars of border wall funding.
Sears To Close Mall Of America Store In March
Friday deadline looms for potential buyers to bid for Sears' assets including 500 of its stores and the Kenmore appliance brand. The Wellsville location at 121 Bolivar Road is on the list , as is New York Kmarts in Horseheads, Greenwich and Queensbury.