Deal Moves PG&E Closer to Bankruptcy Exit PG&E said it has reached an $11 billion settlement with insurance companies over wildfire claims, a significant step toward emerging from bankruptcy. The deal covers insurance carriers and hedge funds that were seeking… Read More ›
PG&E Corp is exploring filing some or all of its business for bankruptcy protection. Shares of PG&E, dropped 30 percent in after hours trading in New York on Friday on the news
The company said on Friday that it was reviewing its “structural options” and assessing its operations, finances, management, structure and governance. It also said it is searching for new directors at its holding company and its utility subsidiary Pacific Gas and Electric Co.
Like Sears, J.C. Penney hasn’t been profitable since 2010. It posted $3.9 billion in losses since then and has been closing stores in an an attempt to stanch the bleeding. And like Sears, it has run up debt while its credit rating has sunk deep into junk territory.
Sears Holdings Corp in recent days reached an 11th-hour deal with lenders that will allow the troubled retailer to keep hundreds of its stores open through the holidays.
StockMarketNews.Today – The plan that Sears and its lenders reached over the past week isn’t unfamiliar. Dozens of retailers have sought chapter 11 protection in recent years, namely because of the consumer shift to online shopping, expensive store leases and heavy debt burdens.