PG&E also negotiated a US$350-million loan last April with Royal Bank of Canada and two Japanese financial institutions that is "payable immediately" in the event of a bankruptcy or insolvency, according to securities filings.
"We believe a court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion", Simon said in a statement.
The company, California's largest investor-owned utility, has 16 million customers across a 70,000-square-mile service area in Northern and Central California.
Its bonds maturing in March 2034 are trading at 81.314, down from 87.989 on Friday. Her departure follows the exit of three PG&E executives earlier this month - Patrick Hogan, senior vice president of electric operations at PG&E's utility unit; Kevin Dasso, vice president of electric asset management; and Gregg Lemler, vice president of electric transmission.
USA utility Pacific Gas and Electric Company (PG&E) disclosed on Monday that it will file for bankruptcy.
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This story was updated to clarify that PG&E has filed a 15-day notice stating its intent to seek bankruptcy protection.
The energy utility has also assured customers that services will continue as normal.
PG&E said it does not expect any impact to its delivery of electricity or natural gas to customers, and the company remains committed to helping communities affected by wildfires in Northern California.
Fire officials have not yet officially said what caused the blaze, but have focused on power equipment.
The company said Sunday night that CEO Geisha Williams has stepped down. In November, the company warned it could face "significant liability" in excess of its insurance coverage it its equipment was found to have caused last year's blazes.
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PG&E Share Price fell sharply on Monday.
While state lawmakers rejected PG&E's request to change wildfire liability law, they did pass legislation in August that will help PG&E pay for lawsuits arising from the wine country fires.
That's a fairly concise statement of the huge challenge PG&E and the state of California will face in the months and years of bankruptcy reorganization to come.
The utility set up barricades at its headquarters in San Francisco before additional details were set to be revealed at a news conference.
The state legislature cleared the way for PG&E to securitize debts related to deadly wildfires in 2017, but that does not include the costs of last year's blazes.
Pacific Gas and Electric said last month it determined weather conditions were no longer risky enough to warrant a massive power shut off on November 8 - a decision that came as a massive fire was tearing through a Northern California town.
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