1/14, 3:59 PM (Source: TeleTrader)
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PG&E shares halve as it prepares for bankruptcy

The Pacific Gas and Electric Company announced on Monday it will file for bankruptcy, causing the value of its shares to halve early in the session. The San Francisco-based company said it will file for chapter 11 protection on January 29, as it faces over $30 billion in potential liabilities related to the wildfires in California.

Yesterday, the company's Chief Executive Officer Geisha Williams resigned over the controversy over the potential responsibility for the damage caused by the wildfires where 85 people died.

At 9:43 am ET, PG&E plummeted 48.04%, to $9.05 per share. In the last month, it lost 65.28%, while in the last three months 79.13% of its value was wiped out.

Breaking the News / NI