TIMELINE-Hawaiian Electric faces financial, legal woes from deadly Maui wildfires
Reuters · 09/15 10:53
TIMELINE-Hawaiian Electric faces financial, legal woes from deadly Maui wildfires

Adds developments for Aug. 30 onwards

- The U.S. House Energy and Commerce Committee on Thursday asked Hawaiian Electric's HE.N CEO Shelee Kimura to testify at a hearing investigating the causes of the wildfire that killed at least 115 people and razed the historic town of Lahaina.

The Honolulu-based power company's market value has slumped by more than 60% to $1.45 billion since Aug. 8, when the wildfires began, amid scrutiny over its involvement.

Here is a sequence of key events involving the troubled utility:



Aug. 8

Wildfires begin at and wreak destruction in Lahaina, a city of 13,000 people in 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 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 also downgrades the company's credit rating to junk status.

Hawaiian Electric says it was looking to restructure but was seeking expert advice amid questions over its role in the wildfires.

Aug. 21

Fitch also downgrades its ratings, saying the potential liabilities are an "existential threat."

Aug. 22

Hawaiian Electric says it has sought advice from boutique advisory firm Guggenheim Securities.

Aug. 24

Shareholders file a lawsuit against the utility provider in a San Francisco federal court.

The county of Maui sues Hawaiian Electric for that led to the fires.

Hawaiian Electric suspends its 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 it had shut off its power lines more than six hours before the Lahaina fire began, disputing claims of its involvement.

Aug. 30

The White House says the Department of Energy would provide $95 million to Hawaiian Electric through the Bipartisan Infrastructure Law to strengthen its power grids.

Sept. 5

A victim's kin files a lawsuit against the state of Hawaii, Maui county as well as Hawaiian Electric for leading to the wildfires.

Sept. 14

U.S. Congress asks Hawaiian Electric CEO Shelee Kimura to testify at a hearing to find out the cause of the deadly wildfire.

(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)