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US utility in crisis files for bankruptcy

The company is filing for bankruptcy in January but is striving to convert some of its huge debt so that it can continue operations.

Photo: /Ritzau Scanpix/AP/Vern Fisher/

Utility Pacific Gas & Electric Co. (PG&E) is so poorly prepared after recent trouble that the company will file for Chapter 11 bankruptcy, according to a press release Monday.

This means that the company has entered bankruptcy in January but is striving to convert some of its huge debt so it can continue operations.

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