PG&E considering sale of gas assets after California wildfire liabilities mount, says report
PG&E Corp. is exploring the sale of a "major part of the company" following huge costs associated with liabilities related to California wildfires, according to a report late Friday. PG&E stock was flat in after-hours trading. Called "Project Falcon," the plan involved selling its natural gas division in the spring of 2019, in order to avoid bankruptcy, according to NPR, citing two anonymous sources familiar with knowledge of the plan. PG&E declined to comment to NPR on the potential transaction. PG&E faces potential penalties in the billions from legal action related to 2017 and 2018 California wildfires. PG&E stock rose 1.9% Friday, as the S&P 500 index rose 3.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.