(Reuters) – Hawaiian Electric on Monday disputed accusations that its power lines caused the deadly wildfires in Maui earlier this month, which killed at least 115 people.
The Honolulu-based power company’s market value has slumped more than 60% to $1.06 billion since Aug. 8 when the wildfires began, amid scrutiny over its involvement.
Here is a sequence of key events involving the troubled utility:
Date Development
Aug. 8 Wildfires begin at night and wreak destruction in
Lahaina, a city of 13,000 people in northwestern
Maui.
Aug. 11 Hawaiian Electric says it is working with the
county to investigate the cause of wildfires.
Aug. 12 Residents file two class-action lawsuits in state
courts claiming that the utility is responsible
for the wildfires.
Aug. 15 Ratings agency S&P downgrades Hawaiian Electric
to junk status as investor concerns grow.
Aug. 16 The Wall Street Journal reports that Hawaiian
Electric is speaking with restructuring advisory
firms to address potential financial and legal
challenges.
Aug. 17 Hawaiian Electric shares briefly hit their lowest
since 1985.
Aug. 18 Moody’s joins S&P to downgrade the company’s
credit rating to junk status.
Hawaiian Electric says it was not looking to
restructure but was seeking expert advice amid
questions over its role in the wildfires.
Aug. 21 Fitch becomes the third ratings agency to
downgrade its credit ratings, saying potential
liabilities represent an “existential threat” to
the company.
Aug. 22 Hawaiian Electric says it has sought advice from
boutique advisory firm Guggenheim Securities.
Aug. 24 Shareholders of Hawaiian Electric file a lawsuit
against the utility provider in a San Francisco
federal court.
The county of Maui sues Hawaiian Electric for
negligence that led to the fires.
Hawaiian Electric suspends dividend and announces
steps to strengthen its balance sheet.
S&P further downgrades Hawaiian Electric’s credit
rating, citing its likely inconsistent access to
capital markets.
Aug. 28 Hawaiian Electric says that it had shut off its
power lines more than six hours before the
Lahaina fire began, disputing claims of its
involvement.
(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)
