PG&E's stock loses half its value after plan to file for bankruptcy

Shares of PG&E Corp. PCG, -48.21% plummeted 55% in premarket trade Monday, after the gas and electric company said it plans to file for bankruptcy on or about Jan. 29, given the potential liabilities resulting the 2017 and 2018 Northern California wildfires. The utility said it didn’t expect the bankruptcy to affect its electric or natural gas customers, and expects its employees to continue to be paid, as it expects to have $5.5 billion of committed debtor-in-possession financing. “During this process, the Company is also committed to continuing to make investments in system safety as it works with regulators, policymakers and other key stakeholders to consider a range of alternatives to provide for the safe delivery of natural gas and electric service for the long-term in an environment that continues to be challenged by climate change,” PG&E said in a statement. The stock, on track to open at the lowest level seen during regular session trading hours since August 2002, has plunged 63% over the past three months through Friday, while the Dow Jones Utility Average DJU, -3.33% has slipped 1.4% and the Dow Jones Industrial Average DJIA, -0.44% has lost 5.3%.

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