ENER - PG&E Files for Bankruptcygreenspun.com : LUSENET : Current News : One Thread |
Just announced (it's about 1 PM now)
-- Anonymous, April 06, 2001
LinkPG&E unit files for bankruptcy Utility says California energy crisis put it in crippling debt
NEW YORK, April 6 — Pacific Gas & Electric Co., which is California’s largest investor-owned utility and has been struggling with that state’s power crisis, said Friday it filed a voluntary petition for bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of California.
TRADING WAS halted in PG&E shares on the New York Stock Exchange before the filing. They last traded at $11.36, down 2 cents.
The Chapter 11 filing was disclosed in mirror filings by the utility and its parent, San Francisco-based PG&E Corp., with the Securities and Exchange Commission.
The utility said in the filing that it “retains control of its assets and is authorized to operate its business as a debtor in possession while being subject to the jurisdiction of the Bankruptcy Court.”
A 1996 state utility law deregulated wholesale prices but capped retail prices. Pacific G&E has said it accumulated more than $8.9 billion of back debts because a rate freeze prevents it from passing on its soaring wholesale power costs to consumers.
-- Anonymous, April 06, 2001
Wonder how far behind them Edison is...
-- Anonymous, April 06, 2001