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.
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