PGandE files for bankruptcy after damaging wildfires

California's largest power company, PG&E, filed for Chapter 11 bankruptcy on Tuesday, as it faces billions of dollars in liability claims stemming from several wildfires in Northern California.

Now PG&E plans to borrow $5.5 billion to carry on business as usual over the next two years while it is in bankruptcy... But that money may not be enough - with PG&E has hit by at least $7 billion in claims from the 2018 Camp Fire----the deadliest and most destructive wildfire in state history... which decimated the mountain community of Paradise and killed at least 86 people.

It is believed that the Camp Fire was started when a PG&E power line came in contact with nearby trees-but an investigation is still ongoing.

Victims of the wildfires oppose Tuesday's chapter 11 filing...as it would make it harder to obtain a payout from the company during a bankruptcy proceeding.

PG&E investors are also unhappy with the development- BlueMountain Capital Management said the bankruptcy filing was "reckless and irresponsible" and called for replacing the company's board of directors.