(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.
