Company Bankrupt – level 1

23-03-2020 07:00

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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