Shares of Hawaiian Electric Industries Inc. (HE) took a sharp dive on Thursday, hitting their lowest point in 37 years. This downward spiral follows reports that the company is engaging in discussions with restructuring firms to explore legal and financial options in the aftermath of devastating wildfires in Maui.
The utility's stock plummeted by 22% to $11.31, currently on track for its lowest closing price since November 1985. This decline marks the eighth consecutive session of losses for Hawaiian Electric Industries. The Wall Street Journal recently revealed that the company has been seeking advice from advisers due to a series of lawsuits alleging its contribution to the destructive impact of the wildfires.
Adding to their worries, earlier this week, S&P Global downgraded the company's credit rating to junk status, citing concerns over the pending lawsuits and other factors. As a result of these developments, the stock has witnessed a staggering 63% decline over the course of this week, standing in stark contrast to the relatively modest 1.5% retreat experienced by the S&P 500 index.
Stay tuned for further updates on the unfolding situation.
Related Articles
![Challenges in Fixed Pricing Amidst Inflation: Northrop Grumman](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Challenges in Fixed Pricing Amidst Inflation: Northrop Grumman
Northrop Grumman faces challenges in managing fixed price contracts due to high inflation and budget overruns in the Sentinel program and B-2 bomber. Despite st...
![Cryptocurrency Market Update](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Cryptocurrency Market Update
Bitcoin struggles to climb higher as Ether outperforms, driven by optimism around spot ETF approval. Altcoins fuel growth with a focus on Ethereum. Stay informe...
![HealthBeacon Seeks Court Protection and Funding Agreement](https://www.signalsforex.net/img/0888b08e-b978-43c0-bdb4-4db1785eb1d5/news-article-3.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
HealthBeacon Seeks Court Protection and Funding Agreement
HealthBeacon petitions for court protection and secures funding agreement to stabilize operations, preserve jobs, and secure a bright future.