(Bloomberg) -- The fate of PG&E Corp. isn’t limited to bankruptcy. The embattled California utility owner could also face a shakeup, breakup, bailout or takeover as it grapples with billions of dollars in potential liabilities from wildfires.

What happens next hinges largely on state lawmakers, regulators and investigators probing whether the company’s equipment sparked Northern California wildfires in 2017 and 2018 that together killed more than 100 people. Here’s an overview of the options:

Shakeup

The California Public Utilities Commission has embarked on a sweeping review of the San Francisco-based company in the aftermath of the fires, examining its safety culture, structure and governance. On Jan. 4, PG&E said it was searching for new directors who could bring “fresh perspectives” on safety and operations. A state lawmaker who co-wrote a law last year to help PG&E pay for wildfire liabilities said a leadership shakeup should also include changes “in the executive suite.”

Breakup

As part of that review, regulators are mulling whether the structure of PG&E itself needs overhauling. That could include carving the utility owner into smaller regional subsidiaries or converting it into a government-owned company. In response, PG&E said Friday it’s “reviewing structural options.” National Public Radio reported that the utility owner is weighing the sale of its natural gas business to cover billions of dollars in potential liabilities from the blazes, citing a senior company official and a former employee. PG&E didn’t comment on that report.

Bailout

California lawmakers are scheduled to reconvene Monday after a holiday break and are considering introducing a bill to help PG&E absorb liabilities from the 2018 fires. The measure could extend legislation that lets PG&E issue bonds to pay off costs tied to 2017 wildfires to include last year’s Camp Fire, the deadliest in state history. The California Department of Forestry and Fire Protection, called Cal Fire, is investigating PG&E wires as a possible source of the blaze.

Bankruptcy

PG&E is considering whether to file for bankruptcy as soon as February, people familiar with the situation said Friday. Analysts estimate the company could face upward of $30 billion in liabilities from the 2017 and 2018 fires. Evercore ISI’s Greg Gordon said it “could face a liquidity crisis by mid-to-late ’19.” PG&E has declined to comment.

California Public Utilities Commission chief Michael Picker said in November that he couldn’t imagine allowing the state’s largest utility to go into bankruptcy. One lawmaker said Friday that PG&E may be raising at the prospect of a Chapter 11 filing to pressure lawmakers into bailing out the company.

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