The CEO of Pacific Gas and Electric Company Resigns As Company Is On The Verge of Bankruptcy

EO of Pacific Gas and Electric Company Resigns

Sometimes running a business which is sinking might seem adventurous for some entrepreneurs but it’s a tough task to run a company which is in massive debt and right now that’s what is happening with PG&E. The CEO of  Pacific Gas and Electric company decided to resign after the company booked consecutive losses from the last few quarters due to which PG&E is on the verge of bankruptcy. On Sunday morning Geisha William officially decided to leave her position as the CEO of the company and soon after this decision PG&E appointed Mr. Josh Simon as interim CEO. The company is going through lots of bad times because according to the financial report which states that pacific gas and electric company in the vast amount of debts and top management is trying to get necessary amount of funds from lenders.

The company is having discussions with its investors and lenders for a fund of $5 billion which will save it from going into bankruptcy. Various predictions are going on in the stock market regarding the company’s future because many are believing that PG&E will declare the bankruptcy. The company has got no cash reserves with it, and due to that much amount liability, the investors are also now worried about the company’s future. PG&E has been in controversy from last few months for the wildfire issues because the government accused the company’s power lines for causing California’s wildfire in 2017.

However, under state law, the company needs to give a prior 15 days to its employees and investors before it declares the bankruptcy and many people are waiting for this notice. Experts think that the official announcement of bankruptcy might come as soon as Monday.

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Steven Burnett
Being one of the leading news writers of the dailyheraldbusiness, Steven holds a specialization in the domains of business and technology. The passion he has for the new developments in the connected devices, cloud technology, virtual reality, and nanotechnology is seen through the latest industry coverage which is done by him. His take on the consequences of digital technologies across the world gives his writing a modern and fresh outlook.