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加州大火和CEO離職后PG&E瀕臨破產(chǎn)

加州大火和CEO離職后PG&E瀕臨破產(chǎn)

彭博社 2019-01-17
太平洋燃氣電力公司表示將在加州申請破產(chǎn),原因是森林大火造成的損失有可能讓其背負300億美元或以上的債務(wù)。

太平洋燃氣電力公司(PG&E)表示將在加州申請破產(chǎn),原因是森林大火造成的損失有可能讓其背負300億美元或以上的債務(wù)。PG&E股價隨之應(yīng)聲大跌,CEO也因此而離職。

總部設(shè)在舊金山的PG&E周一向美國證券交易委員會提交的報告顯示,目前公司打算在1月29日前后按照美國破產(chǎn)法第11章的破產(chǎn)保護程序重組,此前按要求需要提前15天向員工發(fā)出通知。上周日,PG&E開始尋找新的領(lǐng)導(dǎo)者,以取代離任CEO,57歲的蓋夏·威廉姆斯。同時,公司法務(wù)總顧問約翰·西蒙將代掌PG&E。威廉姆斯2017年3月成為公司CEO,在她離職前,PG&E經(jīng)歷了災(zāi)難般的三個月

自2018年11月加州發(fā)生歷史上傷亡人數(shù)最多的森林大火以來,PG&E的市值已經(jīng)蒸發(fā)了三分之二。公司債券評級已被降至垃圾級,加州監(jiān)管部門也已要求管理層做出調(diào)整。調(diào)查機構(gòu)開始探究大火是否由這家大型電力公司的設(shè)備引發(fā),以及它是否要為2017年摧毀加州北部葡萄酒產(chǎn)區(qū)的大火負責——公司提交給證券交易委員會的文件顯示,此項成本“可能超過300億美元”。

截至上周五PG&E持有的現(xiàn)金和現(xiàn)金等價物金額為15億美元,遠低于這一數(shù)字。上述文件稱,公司董事會的結(jié)論是按破產(chǎn)法第11章進行重組“是讓PG&E恢復(fù)財務(wù)穩(wěn)定的唯一可行方案?!?/p>

周一上午8點,紐約證券交易所開盤前,PG&E股價下跌42%,降至10.28美元。

由于財務(wù)危機加重,加州監(jiān)管部門和決策者不得不考慮對PG&E施以救助。公司表示,對員工和那些可能因公司電線引發(fā)火災(zāi)而索賠的人來說,破產(chǎn)是今后的最佳途徑。

一份公告可能意味著這家公司開始加速推進申請破產(chǎn)計劃,以便應(yīng)付2017和2018年火災(zāi)帶來的巨額債務(wù)。這些火災(zāi)造成逾100人喪生,同時摧毀了數(shù)十萬英畝土地。它還給加州新任州長加文·紐森和州議員帶來了壓力,因為他們需要提出有可能讓PG&E維持償付能力的方案。

紐森在上周四的新聞發(fā)布會上表示,州政府可能在隨后幾天發(fā)布和PG&E相關(guān)的公告,而且這個問題是他的首要任務(wù)。隨后紐森又在接受采訪時說,該公告中的人事任命可能涉及加州公用事業(yè)委員會,也就是加州電網(wǎng)運營機構(gòu),以及州議員組成的森林火災(zāi)調(diào)查委員會。

加州州長辦公室發(fā)言人內(nèi)森·克里克上周六稱,紐森“正在非常密切地關(guān)注相關(guān)局勢?!?/p>

PG&E的財務(wù)問題已經(jīng)波及該公司的天然氣和電力供應(yīng)商。掌握第一手消息的人士上周透露,因擔心PG&E無力付款,至少有兩家小型天然氣生產(chǎn)企業(yè)已經(jīng)對其采取限售措施。熟悉內(nèi)情的人士也在上周稱,幾家銀行正在從長遠角度考慮全球最大地熱能項目Geysers的20億美元發(fā)債計劃,因為Geysers也是PG&E的供應(yīng)商。

此前已有高管離任

作為全球商業(yè)界最有影響力的女性之一,威廉姆斯的離職讓《財富》美國500強公司的女掌門人數(shù)有所下降——目前這個群體有二十幾人。她也曾是電力公司女性高管之一,與杜克能源公司的林恩·古德、埃爾帕索電力公司的瑪麗·基普、PNM Resources的帕特-文森特·克勞恩以及Sunrun的林恩·朱莉奇并駕齊驅(qū)。

上周日,威廉姆斯在通過個人電子郵件發(fā)送的公告中表示:“領(lǐng)導(dǎo)PG&E并為加州北部和中部1600萬居民服務(wù)真的是一份榮譽。我很珍惜這個機會,同時祝所有同事好運?!?/p>

作為古巴政治難民的女兒,執(zhí)掌PG&E讓威廉姆斯成為《財富》美國500強公司首位拉丁裔CEO。在她離任前,已有三位PG&E高管于本月初卸任,包括PG&E公用事業(yè)部門電力業(yè)務(wù)高級副總裁帕特里克·霍根、電力資產(chǎn)管理業(yè)務(wù)副總裁凱文·達索以及電力傳輸業(yè)務(wù)副總裁格雷格·萊姆勒。

在威廉姆斯治下,PG&E花了數(shù)百萬美元來說服議員更改加州征收補償法律。按照此項法律,如果發(fā)現(xiàn)公用事業(yè)公司的設(shè)備引發(fā)野火,就算沒有失職,這些公司也要為火災(zāi)損失承擔責任。威廉姆斯說該法律是一項差勁的公共政策,因為它讓加州公用事業(yè)公司成了義務(wù)保險商。她還指出,野火是氣候變化的體現(xiàn),天氣變得更熱、更干燥,從而更頻繁地引發(fā)更嚴重的火災(zāi)。

葡萄酒產(chǎn)區(qū)的賬單

雖然州議員拒絕按PG&E的要求修訂上述野火責任法,但他們也在2018年8月通過了旨在幫助該公司對葡萄酒產(chǎn)區(qū)火災(zāi)進行訴訟賠償?shù)姆ò?。但三個月后,PG&E的設(shè)備再次因為可能引發(fā)森林大火而遭受調(diào)查。這場火災(zāi)造成86人喪生,并將天堂鎮(zhèn)付之一炬。

2018年12月,加州監(jiān)管部門指控PG&E偽造記錄,涉及2012至2017年地下天然氣管道的位置和標記,這讓公司管理層得到的支持進一步減弱。正是在這幾年中,PG&E一直想讓公眾相信,在2010年燃氣管道爆炸造成加州圣布魯諾的8人喪生后,該公司已經(jīng)進行了整頓。(財富中文網(wǎng))

譯者:Charlie

審校:夏林

PG&E said it will file for bankruptcy in California after the cost of wildfires left it with potential liabilities of $30 billion or more, gutting its share price and prompting the departure of its chief executive officer.

The San Francisco-based company said it currently intends to reorganize under Chapter 11 of the U.S. bankruptcy code on or about Jan. 29 after giving the required 15-day notice to its employees, according to a filing at the Securities and Exchange Commission on Monday. On last Sunday, the company started searching for a new leader after Geisha Williams, 57, quit as CEO. General counsel John Simon will take the helm in the meantime. The departure of Williams, who took over as CEO in March 2017, follows a catastrophic three months for PG&E.

The company has seen two-thirds of its market value wiped out since November’s Camp Fire—the deadliest wildfire in California’s history. Its debt has been downgraded to junk and state regulators have called for a management shakeup. Investigators have been probing whether the power giant’s equipment ignited the fire, along with its potential liability for blazes that devastated Northern California’s wine country in 2017—costs that “could exceed $30 billion,” according to the filing.

That would dwarf the $1.5 billion in cash and cash equivalents on hand as of last Friday. The board concluded that a Chapter 11 reorganization “is ultimately the only viable option to restore PG&E’s financial stability,” according to the filing.

Shares of PG&E fell 42% to $10.28 at 8 a.m., before the start of regular trading in New York.

The company’s deepening financial crisis has forced California regulators and policy makers to consider a bailout package and PG&E. The utility said bankruptcy was the best way forward for employees and those who are claiming losses from wildfires that may have been caused by its power lines.

A notice may signal that the company has accelerated plans to make a Chapter 11 filing as way of dealing with crippling liabilities from the wildfires of 2017 and 2018 that killed more than 100 people and destroyed hundreds of thousands of acres. It also puts pressure on California’s new governor, Gavin Newsom, and legislators to come up with a plan that could keep the utility solvent.

Newsom said during a press conference last Thursday that his office would be making an announcement related to PG&E within the next few days and that the issue was at the top of his agenda. He said in a later interview that the announcement would involve appointments to the California Public Utilities Commission, the state’s grid operator and to a commission established by legislature to explore wildfire issues.

Nathan Click, a spokesman for Newsom’s office, said last Saturday that he’s “monitoring the situation very closely.”

PG&E’s financial woes have already spread to the companies that supply its natural gas and generate electricity for its customers. At least two small gas suppliers have restricted sales to PG&E out of concern that the company won’t be able to pay, people with direct knowledge of the situation said last week. Some banks are taking a long look at a potential $2 billion debt financing for the Geysers, the world’s largest geothermal complex, because it supplies the utility, people familiar with the matter also said last week.

More Exits

The departure of Williams—one of the world’s most powerful women in business—thins the ranks of the roughly two dozen women running S&P 500 companies. She was one of a group of women occupying the C-suite at power companies—including Duke Energy Corp.’s Lynn Good, El Paso Electric Co.’s Mary Kipp, PNM Resources Inc.’s Pat Vincent-Collawn, and Sunrun Inc.’s Lynn Jurich.

“It has truly been an honor to lead PG&E and to serve more than 16 million people in Northern and Central California,” Williams said in her own emailed statement on last Sunday. “I value the opportunity I’ve had to lead PG&E and wish all of my colleagues well.”

The daughter of Cuban political refugees, Williams became the nation’s first Latina CEO of a Fortune 500 company when she took over PG&E. Her departure follows the exit of three PG&E executives earlier this month—Patrick Hogan, senior vice president of electric operations at PG&E’s utility unit; Kevin Dasso, vice president of electric asset management; and Gregg Lemler, vice president of electric transmission.

Under Williams, PG&E spent millions of dollars trying to convince state lawmakers to change a legal doctrine known as inverse condemnation, under which utilities are liable for damages if their equipment is found to have sparked a wildfire, even if they weren’t negligent. Williams called the doctrine bad public policy that made utilities the default insurer in the state. She said the wildfires were a symptom of climate change with hotter and drier conditions sparking more frequent and intense blazes.

Wine Country Bill

While state lawmakers rejected PG&E’s request to change wildfire liability law, they did pass legislation in August 2018 that will help PG&E pay for lawsuits arising from the wine country fires. Three months later, however, the utility’s equipment again was being looked at as a possible source of the Camp Fire, which killed 86 people and destroyed the town of Paradise.

Support for PG&E’s management eroded even further in December 2018 when state regulators accused the utility of falsifying records related to locating and marking underground gas lines from 2012 through 2017—years in which the company was trying to convince the public that it had cleaned up its act after a 2010 pipeline blast that killed eight in San Bruno, California.

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