"Hawaiian Electric Seeks Expert Assistance Without Restructuring Plans"

Shares of Hawaiian Electric Industries rose over 10% after the utility company stated that it does not intend to restructure but is seeking expert advice regarding its role in the Maui wildfires. The company's stock had previously experienced significant losses following the wildfires, and it has faced class-action lawsuits blaming it for the fires. Moody's Investors Service downgraded the utility's credit rating to junk status, raising concerns about potential financial and legal challenges. Hawaiian Electric stated that shutting off power was not part of its high-wind management protocol and that preemptive power shutoffs require coordination with first responders. The situation is reminiscent of PG&E Corp's experience with California wildfires, which led to bankruptcy and restructuring.