PG&E (PCG) - Get Report said Thursday it took at $10.5 billion charge linked to last year's deadly California wildfires and cautioned that there is "substantial doubt" over the utility's prospects as a going concern.
In a filing to the Securities and Exchange Commission, PG&E said it has booked total charges of $14 billion from the Northern California fires and won't be able to provide operating earnings guidance for 2019 as the company faces "extraordinary" near-term challenges, However, it said it sees a full-year after tax loss of between $670 million and $907 million.
Last November, PG&E warned investors that it faced "significant" liability, over and above its insurance capacity, if its equipment was found to have started the deadly Camp Fire that started in the city of Paradise and spread through much of Northern California, killing at least 86 people and causing billions in economic and environmental damage.
But what does this mean for investors?
Jim Cramer breaks it down on his live show with TheStreet.
Cramer says that he's cautious with low dollar stocks. He said that investors have to pay attention to the balance sheets of low dollar stocks.