(Bloomberg) -- Hawaiian Electric Industries Inc. said losses resulting from estimated liabilities stemming from one of the worst wildfires in U.S. history were seen at US$1.7 billion. The company issued a going-concern warning.
Hawaiian Electric said last week that it had agreed to pay almost two billion as part of a four billion settlement to resolve hundreds of lawsuits over wildfires in Maui that killed dozens of people and destroyed the historic town of Lahaina last year.
The state of Hawaii, Maui County and telecommunications companies were among the other defendants who signed the comprehensive agreement that will resolve claims on behalf of thousands of homeowners and businesses impacted.
The Maui fires damaged or destroyed about 2,200 structures, the majority of them homes, and killed 102 people. The capital cost of the disaster was estimated at $5.5 billion, according to a damage assessment released last year.
©2024 Bloomberg L.P.
