cing potentially staggering liabilities from the deadly wildfires in California last year, utility giant PG&E is in discussions with investment banks about a multi-billion dollar financing package to help navigate bankruptcy proceedings. Sources told Reuters exclusively that the company is negotiating debtor and possession loans with the banks, which means PG&E is seriously considering bankruptcy protection so they can continue operations while working through court proceedings.
The sources say the financing could total between $3 and $5 billion, but the exact figure remains in flux and could end up going even higher. PG&E declined to comment. One source told writers the company could alert employees as soon as Monday about it's preparation for a potential bankruptcy filing.
Analyst estimate the company is facing between $24 to $30 billion in liabilities from the devastating wildfires in California. One of them, the campfire, which swept through the mountain community of Paradise and killed at least 86 people, is the deadliest and most destructive blaze in the state's history.