>> Some of the deadliest fires ever to ravage the state of California.>> I lost everything.>> And billions of dollars in potential liabilities could force utility company PG&E into bankruptcy. Sources tell Reuters the California company is exploring the idea of filing for bankruptcy protection, for some or all its businesses.
PG&E could be rescued through legislation that would allow it to pass the costs of payouts onto consumers, but that's just a possibility people familiar with the matter told Reuters. Without that help.>> Yeah, PG&E's in a heap of trouble.>> PG&E will be forced to foot the bill alone.
PG&E didn't respond to a request for comment. However, it did warn in November that if its equipment was blamed for last year's fires, it would face a financial squeeze. Because the scale of customer payouts would certainly exceed anything covered by its insurance policies. The Camp and Woolsey blazes of 2018.
>> I'm surrounded by fire.>> Killed at least 86 people and destroyed more than 18,000 homes. One town, named Paradise, was burned completely to ashes. The company also faces lawsuits from homes and businesses tied to fires in 2017. One solution on the table to stave off a potential cash crunch, sell off the company's gas unit, and use the proceeds to pay the victims of the fires.
But fires aren't the utility's only problem. Last month, state regulators took new steps that could slap PG&E with penalties for falsifying pipeline safety records.