{"id":1643933,"date":"2024-04-25T16:27:22","date_gmt":"2024-04-26T02:27:22","guid":{"rendered":"https:\/\/www.civilbeat.org\/?post_type=beat&#038;p=1643933"},"modified":"2024-04-25T16:54:45","modified_gmt":"2024-04-26T02:54:45","slug":"report-hawaiian-electric-is-looking-to-sell-american-savings-bank","status":"publish","type":"beat","link":"https:\/\/www.civilbeat.org\/beat\/report-hawaiian-electric-is-looking-to-sell-american-savings-bank\/","title":{"rendered":"Report: Hawaiian Electric Is Looking To Sell American Savings Bank"},"content":{"rendered":"\n<div class=\"wp-block-cgb-lede\"><p class=\"lede-content hide\">The report comes as alternative efforts to raise cash have stalled in the Legislature.<\/p><\/div>\n\n\n\n<p>Hawaiian Electric Industries is considering selling its American Savings Bank subsidiary, Bloomberg News  reported on Thursday, citing unnamed sources. <\/p>\n\n\n\n<p>The parent of Hawaiian Electric Co. is facing significant financial troubles after the utility was accused of starting the wildfire that killed 101 people and burned down most of Lahaina in August. More than 130 lawsuits naming the company as a defendant have been filed in Maui state court with others filed in a California federal court.<\/p>\n\n\n\n<p>The parent&#8217;s <a href=\"https:\/\/www.hei.com\/investor-relations\/stock-information\/default.aspx\">stock<\/a> has lost about 75% of its value since the Lahaina fires. Its credit rating has been slashed. And the HECO utility subsidiary has been lobbying lawmakers in vain for the right to issue a new type of bond to raise money. Shares closed down 3.5% at $10.50 on Thursday.<\/p>\n\n\n\n<p>Some observers have suggested selling the bank as another way to raise money. The Bloomberg report said <a href=\"https:\/\/www.reuters.com\/markets\/deals\/hawaiian-electric-weighing-sale-american-savings-bank-bloomberg-news-reports-2024-04-25\/\">HEI was considering a full or partial sale<\/a> of the bank.<\/p>\n\n\n\n<p>&#8220;It\u2019s been our longstanding practice to not comment on rumors or speculation,&#8221; HEI said in a statement. &#8220;Our objective is to ensure we remain strong and financially healthy throughout our companies \u2014 at HEI, <a href=\"https:\/\/www.asbhawaii.com\">American Savings Bank<\/a> and Hawaiian Electric. We continue to take prudent and measured actions to ensure our companies are well positioned to serve our customers and community for the long term.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hawaiian Electric Industries is considering selling its American Savings Bank subsidiary, Bloomberg News reported on Thursday, citing unnamed sources. The parent of Hawaiian Electric Co. is facing significant financial troubles after the utility was accused of starting the wildfire that killed 101 people and burned down most of Lahaina in August. More than 130 lawsuits [&hellip;]<\/p>\n","protected":false},"author":6665680,"featured_media":1188741,"template":"","meta":{"_acf_changed":false,"om_disable_all_campaigns":false},"categories":[39979,396],"tags":[39997],"project":[],"coauthors":[38107],"class_list":["post-1643933","beat","type-beat","status-publish","has-post-thumbnail","hentry","category-hawaii-fires","category-maui","tag-hawaiian-electric"],"acf":[],"slp_coauthors":[{"display_name":"Stewart Yerton","user_nicename":"stewartyerton","author_link":"https:\/\/www.civilbeat.org\/author\/stewartyerton\/"}],"slp_acf":{"cb_article_type":"","cb_project_term":false,"cb_project_banner_style":"align-right","cb_project_banner_type":"photo","special_banner_label":"","cb_project_banner_treat":"","cb_project_banner_caption":"","extra_credits":false,"cb_related_logo_image":false,"cb_related_logo_link":"","cb_related_sponsor_logo_image":false,"cb_related_sponsor_url":"","cb_related_sponsor_text":"","cb_article_footnotes":"","dynamic_html":"","dynamic_styles_copy":"","shins":false,"email_title":"","cb_inc_byline":false,"email_thumb":false,"email_thumb_style":"full","cb_custom_thumb_caption":false,"email_excerpt":"","cb_author_contributor_type":"internal","coral_talk_url":"","enable_comments":true,"subscribe_insert_when":"none","subscribe_insert_title":"Sign up for our FREE morning newsletter and face each day more informed.","df_title":"","df_message":"","df_link":"","incsides":false,"include_donation_footnote":true},"slp_primary_category":{"id":39979,"name":"Hawai\u02bbi Fires"},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Report: Hawaiian Electric Is Looking To Sell American Savings Bank","url":"http:\/\/www.civilbeat.org\/beat\/report-hawaiian-electric-is-looking-to-sell-american-savings-bank\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.civilbeat.org\/beat\/report-hawaiian-electric-is-looking-to-sell-american-savings-bank\/"},"thumbnailUrl":"https:\/\/d1l18ops95qbzp.cloudfront.net\/wp-content\/2016\/06\/HEI-Hawaiian-Electric-Building4-150x150.jpg","image":{"@type":"ImageObject","url":"https:\/\/d1l18ops95qbzp.cloudfront.net\/wp-content\/2016\/06\/HEI-Hawaiian-Electric-Building4.jpg"},"articleSection":"Hawai\u02bbi Fires","author":[{"@type":"Person","name":"Stewart Yerton"}],"creator":["Stewart Yerton"],"publisher":{"@type":"Organization","name":"������Ƶ","logo":""},"keywords":["hawaiian electric"],"dateCreated":"2024-04-26T02:27:22Z","datePublished":"2024-04-26T02:27:22Z","dateModified":"2024-04-26T02:54:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Report: Hawaiian Electric Is Looking To Sell American Savings Bank\",\"url\":\"http:\\\/\\\/www.civilbeat.org\\\/beat\\\/report-hawaiian-electric-is-looking-to-sell-american-savings-bank\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.civilbeat.org\\\/beat\\\/report-hawaiian-electric-is-looking-to-sell-american-savings-bank\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/d1l18ops95qbzp.cloudfront.net\\\/wp-content\\\/2016\\\/06\\\/HEI-Hawaiian-Electric-Building4-150x150.jpg\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/d1l18ops95qbzp.cloudfront.net\\\/wp-content\\\/2016\\\/06\\\/HEI-Hawaiian-Electric-Building4.jpg\"},\"articleSection\":\"Hawai\\u02bbi Fires\",\"author\":[{\"@type\":\"Person\",\"name\":\"Stewart Yerton\"}],\"creator\":[\"Stewart Yerton\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"������Ƶ\",\"logo\":\"\"},\"keywords\":[\"hawaiian electric\"],\"dateCreated\":\"2024-04-26T02:27:22Z\",\"datePublished\":\"2024-04-26T02:27:22Z\",\"dateModified\":\"2024-04-26T02:54:45Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/civilbeat.com\/p.js"},"_links":{"self":[{"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/beat\/1643933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/beat"}],"about":[{"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/types\/beat"}],"author":[{"embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/users\/6665680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/media\/1188741"}],"wp:attachment":[{"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/media?parent=1643933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/categories?post=1643933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/tags?post=1643933"},{"taxonomy":"project","embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/project?post=1643933"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.civilbeat.org\/wp-json\/wp\/v2\/coauthors?post=1643933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}