Just Energy Obtains Extension of Stay Period and Claims Procedure Order under CCAA
16 September 2021 - 7:00AM
Just Energy Group Inc. (“
Just Energy” or the
“
Company”) (TSXV:JE; OTC:JENGQ), a retail energy
provider specializing in electricity and natural gas commodities
and bringing energy efficient solutions, carbon offsets and
renewable energy options to customers, announced today that the
Ontario Superior Court of Justice (Commercial List) (the
“
Court”) has, among other things, extended the
stay period under the Companies’ Creditors Arrangement
Act (Canada) (“
CCAA”) to December 17, 2021
(the “
Stay Extension”). The Company also announced
that it has obtained an order establishing a claims process (the
"
Claims Process") to identify and determine claims
against the Company and its subsidiaries that are subject to the
ongoing CCAA proceedings.
The stay extension allows the Company to
continue to operate in the ordinary course of business, while
pursuing a restructuring plan with its stakeholders.
“Just Energy remains focused on growing its
business and serving its large customer base across North America,”
said Scott Gahn, Just Energy’s President and Chief Executive
Officer. Mr. Gahn added, “We also look forward to continuing to
work with our stakeholders on developing a successful restructuring
plan.”
As previously reported, FTI Consulting Canada
Inc. (the “Monitor”) is overseeing the Company's
CCAA proceedings as the court-appointed Monitor. Further
information regarding the Claims Process and the CCAA proceedings
is available at the Monitor’s website
at http://cfcanada.fticonsulting.com/justenergy. Information
regarding the CCAA proceedings can also be obtained by calling the
Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by email
at justenergy@fticonsulting.com.
About Just Energy Group
Inc.
Just Energy is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions, carbon offsets and renewable
energy options to customers. Currently operating in the United
States and Canada, Just Energy serves residential and commercial
customers. Just Energy is the parent company of Amigo Energy,
Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy,
and terrapass. Visit https://investors.justenergy.com to learn
more.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements, including, without limitation, statements with respect
to the Claims Process and working closely with the Company’s
stakeholders towards a successful restructuring transaction. These
statements are based on current expectations that involve several
risks and uncertainties which could cause actual results to differ
from those anticipated. These risks include, but are not limited
to, risks with respect to the decisions to be made by the Public
Utility Commission of Texas (the “Commission”) in
connection with Texas House Bill 4492 regarding financing
mechanisms to recover certain costs incurred during the February
2021 extreme weather event in Texas (the “Weather
Event”), and any potential litigation with respect to such
financing mechanism potentially established by the Commission; the
ability of the Company to continue as a going concern; the outcome
of proceedings under the CCAA proceedings with respect to the
Company and similar legislation in the United States; the outcome
of any legislative or regulatory actions with respect to the
Weather Event; the outcome of any invoice dispute with the Electric
Reliability Council of Texas; the outcome of potential litigation
in connection with the Weather Event; the quantum of the financial
loss to the Company from the Weather Event and its impact on the
Company’s liquidity; the Company’s discussions with key
stakeholders regarding the Weather Event and the CCAA proceedings
and the outcome thereof; the impact of the evolving COVID-19
pandemic on the Company’s business, operations and sales; reliance
on suppliers; uncertainties relating to the ultimate spread,
severity and duration of COVID-19 and related adverse effects on
the economies and financial markets of countries in which the
Company operates; the ability of the Company to successfully
implement its business continuity plans with respect to the
COVID-19 pandemic; the Company’s ability to access sufficient
capital to provide liquidity to manage its cash flow requirements;
general economic, business and market conditions; the ability of
management to execute its business plan; levels of customer natural
gas and electricity consumption; extreme weather conditions; rates
of customer additions and renewals; customer credit risk; rates of
customer attrition; fluctuations in natural gas and electricity
prices; interest and exchange rates; actions taken by governmental
authorities including energy marketing regulation; increases in
taxes and changes in government regulations and incentive programs;
changes in regulatory regimes; results of litigation and decisions
by regulatory authorities; competition; and dependence on certain
suppliers. Additional information on these and other factors that
could affect Just Energy’s operations or financial results are
included in Just Energy’s annual information form and other reports
on file with Canadian securities regulatory authorities which can
be accessed through the SEDAR website at www.sedar.com and on the
U.S. Securities and Exchange Commission’s website at www.sec.gov or
through Just Energy’s website at www.investors.justenergy.com.
The TSX Venture Exchange has neither approved
nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE
CONTACT:
InvestorsMichael CummingsAlpha
IRPhone: (617) 982-0475 JE@alpha-ir.com
MonitorFTI Consulting
Inc.Phone: 416-649-8127 or
1-844-669-6340justenergy@fticonsulting.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group
Inc.
Just Energy (TSXV:JE)
Historical Stock Chart
From Apr 2024 to May 2024
Just Energy (TSXV:JE)
Historical Stock Chart
From May 2023 to May 2024