Bankrupted by deadly wildfires, PG&E vows to keep the lights on

(This Jan 29 story has been corrected in paragraph 10 to remove reference to top creditors, which erroneously included banks that act as trustees on bond indentures with no direct credit exposure) By Subrat Patnaik (Reuters) - Utility owner PG&E Corp filed for bankruptcy protection on Tuesday in anticipation of liabilities from California wildfires, including a catastrophic 2018 blaze that killed 86 people. PG&E, which provides electricity and natural gas to 16 million customers in northern and central California and employs 24,000 people, vowed to keep the lights on as it grapples with fire-related costs it estimates at more than $30 billion. The San Francisco-based owner of the biggest U.S. power utility warned in November it could face significant liability in excess of its insurance coverage if its equipment was found to have caused the Camp Fire that destroyed Paradise, California, last year.

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