Shares of Hawaiian Electric Industries (HEI) dropped more than 20% on Thursday following reports that the company may be considering restructuring as it faces numerous costly lawsuits over its alleged role in the Maui wildfires. HEI's stock has already plummeted more than 73% this year.

A class action lawsuit has been filed against the company, claiming that the wildfires on Maui were caused by energized power lines knocked down by strong winds. The lawsuit alleges that HEI did not deenergize their power lines despite knowing the risks of sparking a fire in those conditions. At least two more lawsuits have been filed against the company, with more expected as the death toll and number of missing people rise.

The Wall Street Journal reported that HEI has been in talks with restructuring companies, suggesting that bankruptcy may be on the table as a solution to mounting legal expenses. HEI is the largest power provider in Hawaii, serving 95% of the state's residents.

HEI has not commented on the pending litigation but has emphasized its focus on restoring power for customers, supporting Maui residents, and developing a long-term recovery plan. The company has also highlighted its wildfire mitigation and grid resilience program, which includes vegetation management, grid hardening, and routine inspections.