Company Bankrupt – level 2
Last year, the company Pacific Gas & Electric got into financial problems, and it filed for bankruptcy. The company had a plan to raise money to get out of bankruptcy. On Monday, a court approved the help of $23 billion dollars.
The company got into problems after its equipment caused wildfires in California in 2017 and 2018. The California governor did not want to help the company. However, he decided to help when the company found investors. The investors wanted to buy parts of the company.
Pacific Gas & Electric needs to pay a lot of money to wildfire victims and other companies.
Difficult words: file for bankruptcy (when a company cannot pay its debts, and it starts a legal process that helps solve the situation), investor (a person who puts money into something to make more money later), victim (a person who is hurt or injured in a crime or accident).
You can watch the original video in the Level 3 section.
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