Company Bankrupt – level 1
The Company Pacific Gas & Electric, PG&E, has problems with money. In 2017 and 2018, there are big fires in California. The company´s equipment makes the fires.
The company must pay money to people who have problems during these fires. Insurance companies and government agencies want money from PG&E, too. The California governor does not want to help. The company finds investors who bring some money.
PG&E cannot pay the money that it owes. The company goes to court. The company files for bankruptcy. It is a legal process. On Monday, the court agrees to help. The company gets $23 billion dollars.
Difficult words: equipment (a machine or a tool that a company uses), insurance company (a company that pays money after an accident when a person has a contract with this company), investor (a person who gives money to a business and gets more money later), file for bankruptcy (when somebody has no money and he starts a legal process to get some help).
You can watch the original video in the Level 3 section.
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