PG&E stock plummets after report it's eyeing bankruptcy filing
PG&E Corp. stock fell 25% in after-hours trading Friday after a report that the company was eyeing bankruptcy filings for some or all of its businesses. Citing anonymous sources, Reuters reported that the company was considering filing for bankruptcy because it could soon face a "significant" charge related to liabilities related to California wildfires in 2017 and 2018. Because of potential legislative aid, PG&E has not yet determined whether it will make a bankruptcy filing, Reuters reported. PG&E faces potential penalties in the billions from legal action related to 2017 and 2018 California wildfires. California lawmakers have passed a law that would protect the company from the 2017 fire and fires in 2019 and after but not the 2018 fire. Lawmakers were in talks late last year for legislation to protect the company from liabilities related to the 2018 fires. PG&E stock rose 1.9% Friday in regular trading, 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.