Hawaiian Electric removes going concern doubts (updated)

Hawaiian Electric Industries

08/11/2024 21:25

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       Nov 8 (Reuters) - Hawaiian Electric  HE.N  on Friday removed a warning
about its ability to remain in business, saying that a recent capital raise
helped mitigate the concerns.
    The utility had raised going concern doubts after disclosing that it did not
have a financing plan in place for the $1.99 billion Maui wildfire settlement it
reached in August.
    The company said it expects to pay the total $1.92 billion payment
obligation in four equal annual installments of about $478.8 million, and it is
now positioned to fund its first settlement payment, which is expected to be
required in late 2025.

 (Reporting by Tanay Dhumal in Bengaluru; editing by Alan Barona)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal))