Hawaiian Electric Industries Inc shares slid 18% to $11.91 in early-afternoon trading on Thursday following a Wall Street Journal report the utility firm is in discussions with restructuring advisory companies to address financial and legal challenges over its potential liabilities due to the Maui wildfires.
Hawaiian Electric is allegedly in talks concerning strategies it can pursue and to determine whether it needs to hire legal and financial advisers.
Shares of Hawaiian Electric have plunged more than 63% over the past five days amid speculation the utility company's equipment might have played a role in the deadly wildfires.
On Tuesday, S&P Global Ratings downgraded Hawaiian Electric’s credit rating to "BB-" and placed it on watch for further downgrades, citing customer base damages and class-action lawsuits.
Hawaiian wildfires have killed at least 99 people and destroyed the coastal Maui town of Lahaina.
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