PG&E shares fell as much 30% on Monday, their biggest intraday decline since the company signaled plans to file for Chapter 11 bankruptcy protection in mid-January.
Fallout from a deadly wildfire that hit Northern California in 2017 and pushed PG&E Corp. toward bankruptcy has returned to once again haunt the utility giant, pummeling its stock.
PG&E shares fell as much 30% to $10.05 on Monday, their biggest intraday decline since the company signaled plans to file for Chapter 11 bankruptcy protection in mid-January. PG&E’s bonds also fell.The ruling by U.S. Bankruptcy Judge Dennis Montali is bad news for PG&E, which has been struggling to regain public trust and already, a separate deadly blaze in 2018 that investigators did blame on its equipment.
October 2018 aerial image of the Fountain Grove subdivision in the aftermath of the Tubbs fire in Santa Rosa.
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