PG&E seeks bankruptcy protection

FILE - A Pacific Gas and Electric Co. sign is seen Jan. 10, 2019, in Bakersfield, Calif. (KBAK/KBFX photo)

SAN FRANCISCO (AP) — Facing potentially colossal liabilities over deadly California wildfires, PG&E will file for bankruptcy protection.

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

Shares plunged by 50 percent before the opening bell.

PG&E said Monday that 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 will be able to gain access to capital and resources it needs to continue providing service to customers as it restructures.

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

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