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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...

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