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PG&E shares plunge 50% over bankruptcy filing

Shares of Pacific Gas and Electric (PCG) are down roughly 50% in early trading after the energy company said it will file for bankruptcy on January 29.

California's largest utility is facing billions of dollars in claims over the deadly 2018 Camp Fire.

It cited at least $7 billion in claims from the fire, which caused 86 deaths and destroyed 14,000 homes.

Shareholders are generally wiped out in the bankruptcy process.

Shares of PG&E were already down 63% since the start of the Camp Fire in November.

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