×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

New York — Pacific Gas & Electric (PG&E) shares plunged 25% on Friday as possible liabilities from the Kincade Fire in northern California boost the risk that shareholders will be wiped out and could undermine efforts to bring the company out of bankruptcy.

It’s still unknown if this week’s fire in Kincade was caused by PG&E equipment, but the prospect raises the risk of wiping out PG&E’s equity value. This would undermine the recovery plan favoured by PG&E and its shareholders, and make it more likely that a rival plan from bond holders will win approval, Citi analyst Praful Mehta said...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now