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Topline
Hawaiian Electric’s 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 – and Wells Fargo says bankruptcy may be the most likely path forward for the beleaguered firm.
Key Facts
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.
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