{"id":52928,"date":"2023-08-25T10:53:11","date_gmt":"2023-08-25T14:53:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bankruptcy-most-plausible-outcome-for-hawaiian-electric-as-stock-slides-and-allegations-over-maui-fire-grow-wells-fargo-says\/"},"modified":"2023-08-25T10:53:14","modified_gmt":"2023-08-25T14:53:14","slug":"bankruptcy-most-plausible-outcome-for-hawaiian-electric-as-stock-slides-and-allegations-over-maui-fire-grow-wells-fargo-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52928","title":{"rendered":"Bankruptcy \u2018Most Plausible\u2019 Outcome For Hawaiian Electric As Stock Slides And Allegations Over Maui Fire Grow, Wells Fargo Says"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Hawaiian Electric\u2019s stock collapse in the aftermath of its alleged role in the deadly Maui wildfires reached historic levels Friday as the utility company faced another downgrade to its credit rating \u2013 and Wells Fargo says bankruptcy may be the most likely path forward for the beleaguered firm.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Shares of Hawaiian Electric fell nearly 20% to below $10 in early trading after a glut of troubling news late Thursday, when Maui County sued the company for negligence for its alleged inactivity in the disaster earlier this month that claimed at least 115 lives, and Hawaiian Electric announced it drew $370 million in credit facilities and it will suspend quarterly dividend payments.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Hawaiian Electric\u2019s stock is now down 75% this month, falling to its lowest share price since 1984.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>With the firm \u201cpotentially under severe financial duress,\u201d a Chapter 11 reorganization bankruptcy filing is the \u201cmost plausible path forward\u201d for Hawaiian Electric ahead of its \u201cinevitable liquidity crunch,\u201d Wells Fargo analysts led by Jonathan Reeder wrote in a note to clients Friday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The Maui County suit is \u201cparticularly troublesome\u201d for Hawaiian Electric, the bank added, setting an $8 price target and hold rating for the power company.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$3.9 billion. That\u2019s how much<strong> <\/strong>Hawaiian Electric could be on the hook for if found liable for the wildfires, the research firm Capstone estimated last week. Considering that\u2019s about four times as large as its market value, Hawaiian Electric\u2019s risk of filing for bankruptcy is \u201cgrowing,\u201d Capstone noted.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Hawaiian Electric\u2019s market capitalization is down from over $4 billion to $1.1 billion this month.<strong> <\/strong>S&amp;P, Moody\u2019s and Fitch all slashed their ratings for Hawaiian Electric this month. In addition to Maui County, shareholders and local residents have also sued Hawaiian Electric for failing to safeguard against wildfire risks. A Hawaiian Electric spokesperson told the Associated Press on Thursday it\u2019s \u201c\u201cvery disappointed that Maui County chose this litigious path while the investigation is still unfolding.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Utilities are the worst-performing of the S&amp;P 500\u2019s 11 sectors over the last month, sliding 8% compared to the index\u2019s 4% loss over the stretch.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/08\/25\/bankruptcy-most-plausible-outcome-for-hawaiian-electric-as-stock-slides-and-allegations-over-maui-fire-grow-wells-fargo-says\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Hawaiian Electric\u2019s stock collapse in the aftermath of its alleged role in the deadly Maui wildfires reached historic levels Friday as the utility company faced another downgrade to its credit rating \u2013 and Wells Fargo says bankruptcy may be the most likely path forward for the beleaguered firm. Key Facts Shares of Hawaiian Electric [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankruptcy \u2018Most Plausible\u2019 Outcome For Hawaiian Electric As Stock Slides And Allegations Over Maui Fire Grow, Wells Fargo Says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Hawaiian Electric\u2019s stock collapse in the aftermath of its alleged role in the deadly Maui wildfires reached historic levels Friday as the utility\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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