Shares of Hawaiian Electric Industries Inc. ($HE) Today dropped to their lowest in over 37 years in the wake of a report that the company is in talks with restructuring firms to explore legal and financial options following devastating wildfires in Maui.
The utility’s stock was down 22% to $11.31, poised for its lowest close since November 1985 and extending a losing streak to an eighth session. The Wall Street Journal late Wednesday reported the talks with advisers after the company got hit with lawsuits alleging that its actions contributed to the devastation caused by the wildfires.
S&P Global downgraded the company’s bond to junk earlier this week, on concerns about the lawsuit and some other factors. The stock is down 63% this week, compared with a retreat of about 1.5% for the S&P 500 index.
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