Reported 2 months ago
Hawaiian Electric Industries Inc. saw its shares drop by 22% following a warning regarding its financial sustainability due to significant liabilities related to the devastating Maui wildfires that occurred last year. The company is now required to disclose this going-concern risk as it works on a plan to manage settlement obligations projected at $1.7 billion, stemming from numerous lawsuits and settlement agreements. Despite ongoing financial challenges, affected customers continue to receive electric service.
Source: YAHOO