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“The power and gas will stay on .. We are not ‘going out of business,’ and there will be no disruption in the services you expect from us,” interim Chief Executive John Simon said in a letter to customers. The San Francisco-based owner of the biggest U.S. power utility warned in November it could face significant liability in excess of its insurance coverage if its equipment was found to have caused the Camp Fire that destroyed Paradise, California, last year. The blaze broke out on Nov. 8, killing at least 86 people in the deadliest and most destructive wildfire in California history.

State investigators had earlier cleared PG&E of liability in a 2017 wildfire in California’s wine country, but the company still engagement cufflinks faces dozens of lawsuits from owners of homes and businesses that burned during that and other 2017 fires, Reinsurance company Munich Re called November’s Camp Fire the world’s most expensive natural disaster of 2018 and pegged overall losses at $16.5 billion, Filing for bankruptcy would shield PG&E from claims, giving it time to figure out next steps..

PG&E is seeking court approval for $5.5 billion in debtor-in-possession financing from J.P. Morgan, Bank of America, Barclays, Citi, and other banks, it said. The sum is roughly equal to PG&E’s annual spending. PG&E listed assets of $71.39 billion and liabilities of $51.69 billion as of Sept. 30 in the voluntary Chapter 11 document filed in the U.S. Bankruptcy Court for the Northern District of California. It carries a debt load of more than $18 billion. Company advisers expect that it may take up to two years to emerge from bankruptcy.

PG&E shares, which lost three-quarters of its value from its 52-week high before the Camp Fire, were up 6 percent at $12.74 in morning trading, PG&E subsidiary Pacific Gas and Electric Company filed for bankruptcy in 2001, BlueMountain Capital Management LLC said it would propose a slate of board directors engagement cufflinks by Feb, 21, and urged stakeholders to support change at the company, The hedge fund could potentially be in line to sit on an equity committee that a bankruptcy judge appoints, PG&E must also contend with worried suppliers..

(Reuters) - General Electric Co said on Wednesday it would fold its battery storage and electrical grid units into its wind turbine and hydropower business to cut costs, speed decision-making and cater to surging demand for renewable power. The announcement, a day before GE was due to report fourth-quarter results, will eliminate a layer of management mostly based in Chicago, with minimal reduction in staff. The combined unit will have about 40,000 employees and annual revenue of about $16 billion, GE spokesman Jim Healy said in an interview, compared with $10.2 billion for renewable energy last year.

GE’s renewables business currently comprises on- and offshore wind turbines, plus hydropower, GE’s units handling electrical transmission and distribution grids, battery storage and solar inverters and controls had been in GE’s Power business, which is focused on fossil fuel generation, Regional leaders for renewables will now deal directly with the company’s renewables headquarters in Paris, GE does not make solar panels, The move is GE’s first big structural shift since October, when engagement cufflinks it said the U.S, Securities and Exchange Commission and the Department of Justice had expanded accounting probes to include a $22 billion writedown of goodwill at GE Power in the third quarter..

To help its ailing power business, GE said in October it would separate natural gas power from coal, nuclear and grid, and named new leaders for the units. Some analysts interpreted the moves as GE preparing its non-gas businesses for sale. GE’s newest gas turbines are under scrutiny after a broken blade severely damaged a unit in Texas last year, causing a two-month plant outage. The break has forced some utilities to curtail use of their new GE turbines while they await blade replacements, and GE has since said it knew about the problem after a similar blade broke in 2015.

GE’s power division took on added importance to GE’s future earnings after the company announced last year it would focus on jet engines, power plants and renewable energy and dispose of its healthcare unit and majority stake in Baker Hughes, along with other restructuring, GE’s renewable energy unit engagement cufflinks contributed about 9 percent of the company’s industrial revenues in 2017, before the integration, Power contributed about 28 percent, “This strategic realignment positions GE to lead in the fast-growing renewable energy market,” GE Chief Executive Officer Lawrence Culp said in a statement..