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>> California's largest power company, PG&E, filed for Chapter 11 bankruptcy on Tuesday as it faces billions of dollars in liability claims stemming from several wildfires in northern California. Now PG&E plans to borrow $5.5 billion to carry on business as usual over the next two years while it is in bankruptcy.
But that money may not be enough with PG&E hit by at least $7 billion in claims from the 2018 Camp Fire, the deadliest and most destructive wildfire in the state's history. Which decimated the mountain community of Paradise and killed at least 86 people. It is believed that the Camp Fire was started when a PG&E power line came in contact with nearby trees.
But an investigation is still ongoing. Victims of the wildfires opposed Tuesday's Chapter 11 filing as it would make it harder for them to obtain a payout from the company during a bankruptcy proceeding. PG&E investors are also unhappy with the development. Blue Mountain Capital Management said the bankruptcy filing was, quote, reckless and irresponsible and called for the replacing of the company's board of directors.