Insurers’ appeal could make Hawaiian’s financing difficult, says Evercore ISI

Maui Circuit Court Judge Cahill issued a written court order on Monday night that limits insurance companies’ recovery to the already agreed upon wildfire settlement amounts by the defendants, Evercore ISI tells investors in a research note. If the insurance companies choose to seek review by the Hawaii Supreme Court, a prolonged process could potentially create an overhang that could make Hawaiian Electric’s financing more difficult than it otherwise would be. The firm, which made no change to its In Line rating and $16 price target on the shares, notes that Hawaiian Electric is working with its advisers and its auditor and expects to have the “going concern” risk resolved prior to the filing of its annual financial statements.