{"id":50045,"date":"2023-08-18T09:12:57","date_gmt":"2023-08-18T13:12:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/hawaiian-electric-seeks-advice-but-says-goal-not-to-restructure\/"},"modified":"2023-08-18T09:12:59","modified_gmt":"2023-08-18T13:12:59","slug":"hawaiian-electric-seeks-advice-but-says-goal-not-to-restructure","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50045","title":{"rendered":"Hawaiian Electric \u2018Seeks Advice\u2019 but Says Goal Not to Restructure"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000723439\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Hawaiian Electric<span>,<\/span><br \/>\n       the utility provider accused of playing a role in starting devastating wildfires in Maui, Hawaii, has said that it is seeking advice but intends to endure as a financially strong utility. The market is skeptical.<\/p>\n<p>The company faces accusations that downed power lines may have caused fires that destroyed the town of Lahaina last week in a tragedy that officials said cost 110 lives as of Wednesday, though that number is expected to rise significantly. Hawaiian Electric (ticker: HE) also faces a lawsuit seeking class-action status alleging that the group didn\u2019t turn off power despite official warnings of high fire danger conditions.\u00a0<\/p>\n<div class=\"paywall\">\n<p>The company didn\u2019t respond to requests for comment from <em>Barron\u2019s<\/em> but has told Bloomberg that it doesn\u2019t have information on what caused the fires.\u00a0<\/p>\n<p>\u201cLike any company in this situation would do, and as we do in the normal course of business, we are seeking advice from various experts. This is part of prudent scenario planning. The goal is not to restructure the company but to endure as a financially strong utility,\u201d the company said in filings on Friday, responding to what it said was a frequently asked question of whether it had retained restructuring advisors.<\/p>\n<p>The market seems to disagree. Shares in Hawaiian Electric had already lost two-third of their value between August 8, when the Maui fires began, and Thursday\u2019s close, with the stock down a further 1% in Friday premarket trading.<\/p>\n<p>The company is in talks with firms specializing in restructuring advisory work as it explores options to address its financial and legal challenges, The Wall Street Journal reported Thursday, citing people familiar with the matter.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/hawaiian-electric-seeks-advice-stock-wildfires-maui-1af03bf7?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hawaiian Electric, the utility provider accused of playing a role in starting devastating wildfires in Maui, Hawaii, has said that it is seeking advice but intends to endure as a financially strong utility. The market is skeptical. The company faces accusations that downed power lines may have caused fires that destroyed the town of Lahaina [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-50045","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hawaiian Electric \u2018Seeks Advice\u2019 but Says Goal Not to Restructure | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Hawaiian Electric, the utility provider accused of playing a role in starting devastating wildfires in Maui, Hawaii, has said that it is seeking advice\" \/>\n<meta name=\"robots\" content=\"index, follow, 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