PG&E to declare bankruptcy

/ CBS News

California's largest power company, facing billions of dollars in potential liability over its role in recent California wildfires, said early Monday it intends to file for bankruptcy. Pacific Gas and Electric said it plans to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about January 29, 2019.

The company was acting under a new state law requiring it to tell employees at least 15 days before a change of control in the company – including a bankruptcy filing.

State fire investigators blamed the utility's power lines for causing a number of California wildfires last year and in 2017.

The utility said it would keep spending on system safety as it provides gas and electric "in an environment that continues to be challenged by climate change.

PG&E CEO Geisha Williams resigned Sunday.

First published on January 14, 2019

© 2019 CBS Interactive Inc. All Rights Reserved.

Woman who found abducted girl says she named the suspect right away

When the young kidnapping victim escaped the Wisconsin cabin where she'd been held, she ran into Jeanne Nutter, who used her child protection skills to get the girl to safety

updated 13M ago

Canadian air traffic controllers send pizza to unpaid U.S. counterparts

Official says cross-border solidarity began with local effort in Edmonton but spread quickly, and now hundreds of pizzas have been delivered

updated 1M ago

Wisconsin girl "took the power away" from her abductor, family says

Jayme Closs' family members never gave up hope that she would be found, but like the rest of the country, they are still in shock

updated 3M ago

Passenger gets gun past airport screeners, flies with it to Tokyo

Flew out of Atlanta, alerted Delta Air Lines workers when plane reached destination, federal and airline officials confirm

1H ago

Facility where vegetative woman gave birth hires ex-attorney to lead probe

Rick Romley, former Maricopa County attorney, will be in charge of "exhaustive" internal review of Hacienda HealthCare's operations and procedures

6H ago

Pompeo defends Trump's Twitter threat to Turkey over Kurds

Secretary of State says he's yet to speak with Trump or Turks about president's threat to "devastate Turkey economically" if it attacks allies in Syria

updated 51M ago

Pompeo asks Saudi royals for unity against Iran, "facts" on Khashoggi

Top U.S. diplomat cancels final stop in Kuwait on his tour of Middle East allies to come home after a death in his family

1H ago

Judge blocks Trump birth control coverage rules in 13 states, D.C.

Issues preliminary injunction against rules that would let more employers opt out of providing women with free birth control

2H ago

Trump lashes out over dual reports on relationship with Russia

President Trump lashed out at the FBI and the news media and defending his interactions with Russian President Vladimir Putin

13H ago

Former DHS chief: Trump plan to use disaster aid for border wall "more legally plausible"

But Jeh Johnson, who served under President Obama, said the maneuver would be "highly objectionable" politically

16H ago

Canadian air traffic controllers send pizza to unpaid U.S. counterparts

Official says cross-border solidarity began with local effort in Edmonton but spread quickly, and now hundreds of pizzas have been delivered

updated 1M ago

Pompeo defends Trump's Twitter threat to Turkey over Kurds

Secretary of State says he's yet to speak with Trump or Turks about president's threat to "devastate Turkey economically" if it attacks allies in Syria

updated 51M ago

Pompeo asks Saudi royals for unity against Iran, "facts" on Khashoggi

Top U.S. diplomat cancels final stop in Kuwait on his tour of Middle East allies to come home after a death in his family

1H ago

Lion Air plane crash: Cockpit voice recorder found

Indonesian official also says human remains were discovered at the seabed location

4H ago

Polish mayor stabbed on stage at charity event

An ex-convict rushed the stage during the event in Gdansk and stabbed Mayor Pawel Adamowicz, shouting about political revenge

3H ago

HBO's "Game of Thrones" season 8 premiere date set

Winter is coming — and now fans know when

8H ago

Travis Scott, Big Boi to join Maroon 5 in Super Bowl show

Several acts have turned down the show in support of Colin Kaepernick

13H ago

Film festival aims to reduce marijuana stigma as N.Y. moves closer to legalization

"I think it will change, but I don't think it's going to happen overnight … I think there is still a ton of education that needs to happen," said Michael Zaytsev, founder and CEO of High N.Y.

10H ago

"Glass" director M. Night Shyamalan comes full circle

The third part of an unexpected trilogy brings back characters from the filmmaker's "Unbreakable" and "Split"

20H ago

Carole King and her "Beautiful" life

As the Broadway musical that celebrates the singer-songwriter's gifts marks its fifth anniversary, she surprised the audience by taking the stage to play herself

21H ago

SpaceX plans to lay off about 10 percent of workforce

"This action is taken only due to the extraordinarily difficult challenges ahead," the company said

14H ago

Oceans are warming dramatically faster, new study warns

Since 1970, the ocean has warmed 40 percent more than previous estimates, scientists say

Jan 11

SpaceX launches final set of Iridium satellites

A SpaceX Falcon 9 rocket takes off with a final set of 10 Iridium NEXT communications satellites

Jan 11

Lawmakers demand answers from data providers over sale of location data

A report finds T-Mobile and other providers sold data to third parties

Jan 10

Emissions rise despite support for green energy

Most Americans say they support renewable energy, but what will it take to get there?

Jan 10

Judge blocks Trump birth control coverage rules in 13 states, D.C.

Issues preliminary injunction against rules that would let more employers opt out of providing women with free birth control

2H ago

Facility where vegetative woman gave birth hires ex-attorney to lead probe

Rick Romley, former Maricopa County attorney, will be in charge of "exhaustive" internal review of Hacienda HealthCare's operations and procedures

6H ago

Film festival aims to reduce marijuana stigma as N.Y. moves closer to legalization

"I think it will change, but I don't think it's going to happen overnight … I think there is still a ton of education that needs to happen," said Michael Zaytsev, founder and CEO of High N.Y.

10H ago

Growing crop of companies suggest young women protect themselves against infertility

Kindbody's founding physician talks to young women at monthly "egg freezing 101" events

Jan 12

New York City experiments with health care for all

Plan to provide the poor and uninsured with medical care may amount to a bold policy shift — or a political ploy

Jan 11

PG&E to declare bankruptcy

California's biggest power company faces billions in potential liability over its role in recent California wildfires

updated 1M ago

SpaceX plans to lay off about 10 percent of workforce

"This action is taken only due to the extraordinarily difficult challenges ahead," the company said

14H ago

New York City experiments with health care for all

Plan to provide the poor and uninsured with medical care may amount to a bold policy shift — or a political ploy

Jan 11

Shutdown means Fed has no idea how GDP is doing

Trump promised 3% GDP growth in his tenure, but the agency that tracks that key economic number is shut down

Jan 11

Shutdown pinches small businesses across U.S.

Fewer tips, construction delays, product-approval hold-ups — all mean less local spending by Uncle Sam

Jan 11

Woman who found abducted girl says she named the suspect right away

When the young kidnapping victim escaped the Wisconsin cabin where she'd been held, she ran into Jeanne Nutter, who used her child protection skills to get the girl to safety

updated 13M ago

Facility where vegetative woman gave birth hires ex-attorney to lead probe

Rick Romley, former Maricopa County attorney, will be in charge of "exhaustive" internal review of Hacienda HealthCare's operations and procedures

6H ago

Polish mayor stabbed on stage at charity event

An ex-convict rushed the stage during the event in Gdansk and stabbed Mayor Pawel Adamowicz, shouting about political revenge

3H ago

Family of Mikelle Biggs holds out hope for answers in Arizona girl’s abduction

The Mesa 11-year-old was riding her sister’s bike when she disappeared in 1999

Jan 13

Kidnapping survivors react to Jayme Closs' escape

“There’s no going back,” says Elizabeth Smart, who was abducted at age 14 for 9 months, of life before abduction

Jan 13