PG&E, facing colossal liability, seeks bankruptcy protection

Facing potentially colossal liabilities over deadly California wildfires, PG&E will file for bankruptcy protection.

The announcement today follows the resignation of the power company's chief executive a day earlier.

PG&E said it's given the required 15-day advance notice that it plans to file for Ch. 11 bankruptcy protection.

The company has already been blamed by state fire investigators for wildfires that broke out in October 2017.

The company says it will be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.

Late yesterday, PG&E Corp. said that CEO Geisha Williams resigned, and that John Simon will serve as interim chief executive.