California's largest power company is getting battered in midday trading on reports that it's considering bankruptcy protection in the face of potentially crippling liability damages from a spate of wildfires.
No cause has been determined for the source of California's Camp Fire, but PG&E reported an outage around the time and place the fire was ignited. Another transmission line malfunctioned a short time later, possibly sparking a second fire.
Reuters, citing anonymous sources, reports that the company has considered seeking financial shelter in bankruptcy court with potential liabilities reaching into the tens of billions.
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Shares tumbled 22 percent Monday, the latest severe sell-off for the company since November and the outbreak of the state's deadliest recorded wildfires.
PG&E Corp. did not immediately respond to a request for comment.