Thursday , March 4 2021

PG & E fires after the presentation of bankruptcy protection (PCG)

forest fire of california

  • PG & E shot Tuesday after filing bankruptcy protection. The company is the main source of energy in the US.
  • PG & E endured an estimated $ 16,500 million in losses from Camp Fire's unprecedented field last year.
  • Watch PG & E's live sales.

PG & E, the largest US utility, rose 17% on Tuesday after filing bankruptcy protection.

PG & E is estimated to have lost $ 16.5 billion in total from last year's Camp Fire unprecedented in California. The reinsurance company Munich Re set fire as the most expensive natural disaster in the world in 2018, reports Reuters.

Read more: Climate change has just claimed its first bankruptcy: PG & E succumbs to the fall of the most expensive natural disaster in the world of 2018

"We believe the process is likely to be long," said UBS analyst Daniel Ford to customers in a note Tuesday. "There is a wide range of results of PG & E being a solvent creditor with some patrimonial value intact with few or no patrimonial value." He maintained his price target of $ 8 per share and "neutral" rating.

PG & E's shares sank earlier this month after the company announced it was planning to file for bankruptcy protection; utility was accused of having been negligent in the devastating fire camp. Since shares of 52 weeks of value of $ 49.42 at the beginning of November, stock has lost 71% of its market value.

The Camp Fire was the deadliest and most destructive of California history, killed 88 people, according to Reuters. There was a forest fire Insurers over $ 11.4 billion in losses, the The California insurance commissioner said on Monday

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