Hawaiian Electric Raises Concerns, Maui Fire Victims Situation Gets Even Worse

[Logo]( [Hawaiian Electric Raises Concerns, Maui Fire Victims Situation Gets Even Worse]( [Hawaiian Electric Raises Concerns, Maui Fire Victims Situation Gets Even Worse]( You've got to be kidding me. Hawaiian Electric, has just raised some serious concerns in its recent quarterly earnings report. The company is facing a $1.99 billion settlement related to the devastating Maui wildfires, and right now, they're admitting they don't have a solid plan in place to finance it. This is causing a lot of worries, mainly for the victims who still haven't been adequately compensated. Hawaiian Electric, along with its parent company, Hawaiian Electric Industries (HEI), recently reached a massive $4 billion settlement with victims of the Maui wildfires that tragically took more than 100 lives a year ago. Out of this, Hawaiian Electric is [responsible for nearly half-$1.99 billion](. But here's the kicker: they haven't yet figured out how to come up with the money. In their earnings report, Hawaiian Electric and HEI revealed they're still in the process of developing a financing plan. They're working closely with financial advisors to figure out how they're going to pay their share of the settlement. However, until they nail down a concrete plan, they have to acknowledge a "going concern" risk in their financial statements. In plain terms, this means there's a significant uncertainty about their ability to keep operating without this plan in place. The company is considering a mix of financing options, including debt, common equity, and equity-linked securities. But here's the thing-they can't guarantee that any of these options will be available or on favorable terms. That's a pretty big "if," and it's got investors on edge. During their earnings call, Hawaiian Electric tried to calm things down a bit. They pointed out that the settlement was only agreed upon recently, and they don't expect to start making payments until mid-2025 at the earliest. They're hoping this gives them enough time to come up with a solid plan. In the meantime, HEI has suspended the utility dividend to its parent company due to this "going concern" issue. They also mentioned that there's enough liquidity to keep things running smoothly while they work on finalizing the settlement agreement. Even though Hawaiian Electric and the other parties involved in the settlement didn't admit to any legal liability, they're still on the hook for this enormous payout. Scott Seu, the president and CEO of HEI, said the settlement is a step in the right direction, offering a clear path forward for resolving wildfire-related litigation. [Fetterman Causes A Stirs After Trump Prediction ]( [Fetterman Causes A Stirs After Trump Prediction]( Totally Blindsided Dems. [Darcy Exits CNN]( [Darcy Exits CNN]( There's an intriguing development in the media landscape today. Oliver? [Steve Martin Declines SNL Spot]( [Steve Martin Declines SNL Spot]( Steve Martin has found himself in the news after he? [Walz Speaks At Philly Rally]( [Walz Speaks At Philly Rally]( After Vice President Kamala Harris announced Minnestoa Governor Tim Walz? [Vance Comments On Walz Statements]( [Vance Comments On Walz Statements]( Hello everyone! In the world of politics, sparks are flying? You are receiving this email because you opted in to Steadfast Updates daily newsletter. We take your privacy very seriously and will keep your information in the strictest confidence. We will email you from time to time with relevant news and updates, but you can stop receiving information from us at any time by following very simple instructions that will be included at the bottom of any correspondence you should receive from us. Copyright ? 2024. Steadfast Updates. All rights reserved. 2423 S Orange Ave, Suite 340 Orlando, FL 32806 [UNSUBSCRIBE]( | [VIEW IN BROWSER]( | [PRIVACY POLICY](