Hawaiian Electric Slumps After Issuing Going-Concern Warning
- Shares post biggest intraday drop since the month of Maui fire
- Utility owner is latest to face financial losses tied to fires
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Hawaiian Electric Industries Inc. plunged the most in almost a year after issuing a going-concern warning.
The utility owner continues to face fallout from a wildfire last year in Maui that killed dozens of people and destroyed the historic town of Lahaina. The company said late Friday it’s required to disclose a going-concern risk in its financial statements until it can develop a plan to pay for settlement obligations. It pegged losses from estimated accrual of liabilities stemming from the disaster at $1.7 billion.