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P G & E CEO Resigns

The CEO of Pacific Gas and Electric is stepping down and a newspaper says employees could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.

PG&E said in a statement Sunday that Geisha Williams has resigned.

The San Francisco Chronicle reports that under a new state law, PG&E must tell its employees at least 15 days before a change of control in the company – including a bankruptcy filing. That notice may come as soon as today (mon).

PG&E is in discussions with lenders about a financing package worth up to $5 billion. It would allow the company to continue operating during Chapter 11 bankruptcy proceedings.

State fire investigators blamed the utility’s power lines for causing a number of California wildfires in the past two years.