The electric utility company, Hawaiian Electric Industries (NYSE: HE) continued on a downward trajectory on Thursday, following a Wall Street Journal report. WSJ reported that HE is in discussions with restructuring advisory firms to explore options regarding the company’s mounting financial and legal challenges arising from the Maui wildfires.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
According to the report, the electric utility company is exploring various options to address these pressing issues.
The company has already been hit with lawsuits that alleged that its decisions leading up to and during the wildfires contributed to the severity of the damage experienced by Maui residents. To add to its woes, the company has been hit with a bond downgrade, and in the past five trading sessions, the stock has lost more than 50% in value.
Year-to-date, HE stock has slid by more than 60%.