(Bloomberg) -- Some Wall Street bond brokers are soliciting interest in a series of rarely traded notes tied to Hawaiian Electric Industries, as market participants assess potential liabilities for the utility following deadly wildfires in Maui, according to people with knowledge of the situation.Most Read from Bloomberg‘Poor Man’s Cocaine’ Costing $3 a Pill Threatens to ProliferateChina Evergrande Group Files Chapter 15 Bankruptcy in New YorkNiger Soldiers Killed in Attacks by Armed Group, Ecow
Jefferies Financial Group sent out quotes this week on Hawaiian Electric Co.’s private placement notes at deeply distressed levels, between 40 cents to 60 cents on the dollar, said the people, who asked not to be named because the matter is private. Meanwhile, traders at Seaport Group are gauging interest from some investors, the people said.
Jefferies declined to comment and Seaport didn’t immediately respond to request for comment. Hawaiian Electric Industries said that it “intended to be here for the long term, through the rebuilding effort and beyond.” Certain holders of private placement notes have been in discussions to gauge which assets are insulated from the potential financial fallout and recovery prospects, the people said. A few restructuring law firms have been in touch with holders in case they want to band together and seek advice, they said.Hawaiian Electric has come under criticism for not turning off power despite weather forecasters’ warnings that dry, gusty winds could create critical fire conditions.
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