PG&E Files for Bankruptcy With More Than $50 Billion in Debt (3)

A series of devastating wildfires that killed more than 100 people and scorched hundreds of thousands of acres in California over the course of two years just brought one of America’s largest utilities to its knees.

PG&E Corp. and its Pacific Gas & Electric Co. utility filed for Chapter 11 bankruptcy in San Francisco as investigators probe whether its equipment ignited the deadliest fire in state history. The San Francisco-based company listed $51.7 billion in total debts and $71.4 billion in assets. A Chapter 11 filing allows a company to keep operating while it works out a plan to turn ...