Pacific Electric and Gas Hoping for a Bailout?

Pacific Gas and Electric faces up to $30 billion in potential liability costs as a result of California wildfires. Is their announcement that they’re preparing to file for Chapter 11 bankruptcy real or a thinly veiled plea for a bailout?

PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.

There was some speculation that PG&E was bluffing in order to force aid from California.

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