Why Shares of PG&E Are Falling Today
Shares of PG&E (NYSE: PCG) fell nearly 30% on Monday morning as wildfires continue to blaze across the bankrupt utility's northern California service area. The stock has now lost about half of its value in less than two trading sessions, and lawmakers in California are soliciting outside help to save the company.
PG&E has been operating while in bankruptcy protection since January, attempting to get out from under an estimated $30 billion in wildfire liabilities stemming from the 2018 Camp fire in northern California. The company had hoped to reorganize in such a way that would preserve some of the value in its equity, but the bankruptcy case has been complicated.
Image source: Getty Images.
Source Fool.com
