PG&E Plunges On Plans To File For Bankruptcy

( - After gapping open sharply lower, shares of PG&E Corp. ( PCG ) continue to see substantial weakness in afternoon trading on Monday. PG&E is currently down by 47.9 percent after hitting its lowest intraday level in over fifteen years.

The initial sell-off by PG&E came after the utility revealed it intends to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019.

PG&E expects the Chapter 11 process will, among other things, support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires.

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