California utility PG&E went bankrupt after raking up billions in wildfires liabilities
Wildfire Liabilities
Distressed debt investors are circling Hawaiian Electric and have zeroed in on a set of rarely traded bonds following deadly wildfires in Maui.
While the company’s municipal bonds have sunk to distressed prices, Jefferies sent out quotes this week on the company’s private placement notes at levels between 40 cents and 60 cents on the dollar. These notes are primarily held by insurance companies and are rarely traded. Meanwhile, traders at Seaport are also gauging interest from some investors in hopes of making a market in the bonds.
Bloomberg
By Rachel Butt and Reshmi Basu
August 18