Liam Denning, Columnist

PG&E Throws Everything Overboard, Still Sinking

The market’s not buying its Hail Mary effort to get a last-minute hand from California.

January 14, 2019 at 3:38 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

The mood on the street is not friendly to PG&E.
Photographer: Bloomberg/Bloomberg

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What is the anteroom to Chapter 11? Chapter 10½? In any case, that’s where PG&E Corp. has taken a pew.

In theory, that could be as far as the California utility goes. The notice of its intention to file for bankruptcy protection around the end of the month starts a clock ticking on a 15-day advance notice period required by state law. Something may yet happen to keep the company out of the court.