Pacific Gas & Electric CEO stops following the deadly California forest fires that left 86 dead while the company prepared to declare BANKRUPTCY billions in damages
- Officials are investigating whether the PG & E equipment has started the campfire in northern California
- The flames hit the city of Paradise, killed at least 86 people and destroyed nearly 15,000 houses
- The company is allegedly considering a financial hiding place at a bankruptcy court with potential debts of tens of billions
- Last week, the stock price plunged when it said in November that it could be responsible for billions of dollars over its insurance coverage of the fires
Geisha Williams, the first Latina CEO of a Fortune 500 company, resigns because PG & E may run billions of obligations and possible murder costs
The CEO of Pacific Gas and Electric resigned Sunday and employees could learn this week if the utility company declares insolvency while it gets billions of dollars under its responsibility for its role in the recent forest fires in California.
PG & E has released a statement on Sunday in which she thanks Geisha Williams for her service. The board of directors chose John Simon as interim CEO.
"While we are making progress as a safety and other company, the board recognizes the huge challenges that PG & E continues to face," the company said. We believe that John is the right interim leader for the company while we are working on identifying a new CEO. & # 39;
Pacific Gas & Electric, California's largest utility company, is considering bankruptcy protection against potentially crippling liability damages caused by a wave of recent forest fires. No cause was found for the source of California & # 39; s Campfire & # 39; but PG & E reported a failure around the time and place the fire was lit
To prevent forest fires, Pacific Gas & Electric Co. must Re-inspect the entire electricity grid and cut off the power during certain wind conditions, regardless of customer inconvenience or loss of profit, suggested a US judge last week
PG & E is in talks with lenders about a financing package worth up to $ 5 billion. It would allow the company to continue working during bankruptcy proceedings in Chapter 11.
According to a new state law, PG & E must notify its employees at least 15 days prior to a change of control in the company – including a bankruptcy petition, the San Francisco Chronicle reported. This notification can come as soon as Monday.
State fire investigators blamed the utilities power lines for causing a number of forest fires in California in October 2017.
PG & E has also been told to re-inspect its entire electricity grid and cut off the power during certain wind conditions, regardless of customer inconvenience or loss of profit.
The company is considering broadly considering filing for bankruptcy protection because its stock price has dived after it said in November that it could be responsible for billions of dollars in addition to the insurance coverage of fires last year and in 2017.
John Simon, executive vice president of the utility and general counsel, will act as interim chief executive while PG & E looks for a permanent leader
A judge has determined that the utility company must switch off the power to prevent the wires from causing forest fires during the 2019 burning season.
& # 39; This will probably mean that you have to interrupt the service during high-wind events (and possibly at other times) but that discomfort, however irritating it may be, will fade compared to the death and destruction that would otherwise result may be from forest fires caused by PG & E, & # 39; Said judge William Alsup.
He gave PG & E until 23 January to respond to his proposal. PG & E said it was assessing Alsup's order.
We are committed to complying with all rules and regulations applicable to our work while working with our state and community partners and in all sectors and disciplines to develop comprehensive long-term security solutions for the future & # 39 ;, according to the company.
PG & E is in crisis after Campfire killed at least 86 people in Northern California last year
He also asked the utility company for an explanation for every possible role in a large wild fire that devastated the city of Paradise and killed at least 86 people.
Researchers have not yet established the cause of the natural disaster that began on 8 November, but speculation has concentrated on PG & E, which reported a breakdown around time and lit the fire.
Alsup noted on Wednesday that commanders of the public fire brigade found that PG & E caused eighteen forest fires in 2017, of which twelve referred to possible criminal prosecution.
The PG & E proposed by the judge removes or trimens all trees that may fall on the high-voltage lines, poles or equipment under severe conditions and documents its inspections and work. He accused the usefulness of a "history of forgery of inspection reports & # 39;
He also considers ordering the utility during the wildfire season in 2019 to only supply electricity to those parts of its electricity grid that it has determined is safe under wind conditions at the moment.
PG & E reduced electricity to tens of thousands of customers in Northern California in October due to a high fire risk, which prompted complaints and requests for reimbursement from some customers.