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Jim Cramer Breaks Down the Unfolding Drama Over at PG&E

Here's what investors should know about PG&E.
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TheStreet's Joseph Woelfel and Anne Stanley have been following the utility company (PGC) - Get Peapack-Gladstone Financial Corporation Report as the drama has unfolded.

In a statement, the California utility company said it intends to file petitions to reorganize under Chapter 11 on or about Jan. 29.

"PG&E expects that the Chapter 11 process will, among other things, support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires, and will assure the company has access to the capital and resources it needs to continue to provide safe service to customers," the company said.

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PG&E said it doesn't "expect any impact to electric or natural gas service for its customers as a result of the Chapter 11 process."

On Sunday, PG&E said its CEO had stepped down, and reports said the utility company could be notifying its 20,000 employees as early as Monday that it was headed toward bankruptcy.

Watch to see what Jim Cramer says about the company.