(Reuters) – Hawaiian Electric Industries shares continued their record slump, shedding nearly 31% in premarket trading on Thursday, as the electric utility faces increased scrutiny over whether its equipment might have played any role in the deadly Maui wildfires.
The company’s stock has lost about 61% since the Aug. 8 wildfires, which killed at least 110 people and destroyed the coastal Maui town of Lahaiso.
This week, the company saw class-action lawsuits filed against it alleging responsibility for the fires as well as a downgrade from S&P Global Ratings to junk status.
The Wall Street Journal on Wednesday said the company is speaking with restructuring advisory firms to address its recent financial and legal challenges.
Hawaiian Electric is the largest supplier of electricity in Hawaii, supplying power through its three electric utilities – Hawaiian Electric Co Inc, Hawai’i Electric Light Co Inc, and Maui Electric Co.
On Wednesday, the company said that about 2,000 customers were without power in West Maui and that more than 100 utility poles will be needed to meet restoration priorities.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Maju Samuel)
