PG&E shares down 10% after California wildfire liability warning
PG&E shares down 10% after California wildfire liability warning
13 October 2017
published by https://www.marketwatch.com
USA: Shares of PG&E Corp. PCG, -0.33% fell more than 10% in the late session Friday after the company acknowledged that it may face some liability stemming from the California wildfires. PG&E “has about $800 million in liability insurance for potential losses that may result from these fires. If the amount of insurance is insufficient to cover (PG&E’s) liability or if insurance is otherwise unavailable, PG&E Corporation’s and the Utility’s financial condition or results of operations could be materially affected,” the company said in a filing Friday. Possibly downed power lines are among the causes under investigation for the deadly fires in northern California counties.
