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California's Largest Utility Company Files For Bankruptcy

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California's Largest Utility Company Files For Bankruptcy
Pacific Gas & Electric faces possible liabilities regarding a number of major wildfires, including last year's Camp Fire.
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California's Pacific Gas & Electric Co. announced early Tuesday that it's filed for Chapter 11 bankruptcy protections.

The company faces possible liabilities regarding a number of major wildfires, including last year's Camp Fire. It was both the deadliest and most destructive in California history, leaving 86 people dead and scorching over 18,000 buildings.

Fire officials are still investigating the cause of the Camp Fire, but PG&E is already facing several lawsuits over the blaze. 

Fire officials have also determined that PG&E's power lines sparked more than a dozen wildfires in October 2017.  Analysts previously estimated the utility company could face tens of billions of dollars in damages for its role in the fires.

PG&E said in its statement Tuesday that as it moves through the bankruptcy process, it's still committed to providing service to its 16 million customers.