PG&E Shares Stem Decline Even as California Rescue Chances Dim

Few options seen for utility, which is planning to file for bankruptcy due to wildfire liabilities

Katherine Blunt and

Alejandro Lazo

Updated Jan. 16, 2019 5:15 p.m. ET

PG&E Corp. shares fell and then recovered Wednesday as prospects dimmed that California politicians would step in to help the embattled utility avoid a bankruptcy filing.

After falling more than 8%, PG&E shares rebounded late and closed up 1.7% or 12 cents, at $7.03. That stopped several days of declines after PG&E said Monday it would file for chapter 11 protection at the end of the month due to liabilities stemming from its role in starting California wildfires.

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