Although California lawmakers and regulators have been debating steps to help rescue the company, its officials ultimately concluded that state assistance would take years—too long to avoid a bankruptcy proceeding, PG&E PCG -52.36% said in a securities filing. “We believe a court-supervised process under chapter 11 will best enable PG&E PCG -52.36% to resolve its potential liabilities in an orderly, fair and expeditious fashion,” Mr. Simon said in a statement. PG&E said both the parent company and its main unit, Pacific Gas and Electric Co., which delivers natural gas and electricity to 16 million Californians, would file for a voluntary reorganization. The company was required by state law to provide a 15-day notice of bankruptcy. It said delivery of gas and electricity to its customers wouldn’t be affected by the bankruptcy. Related News California Gov. Gavin Newsom said Monday that he was in contact with PG&E, regulators and others […]