PG&E Runs Out of Cash, Cancels Dividend
PG&E Corp., which reportedly ran out of cash on Jan. 10 to pay its bills, will not pay its fourth quarter common stock dividend. The dividend of 30 cents per share was to have been payable on Jan. 15. PG&E's utility subsidiary, Pacific Gas and Electric Co., will not declare the regular preferred stock dividend for the three month period ending Jan. 31, normally payable on Feb. 15, 2001, and will not pay the $110 million dividend to the corporation declared in October. PG&E asked for state help to purchase natural gas for its customers, fearing bankruptcy around the corner.
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© 2012 Penton Media Inc.
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