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Received strong stakeholder support to approve Recapitalization
Implementation of the Recapitalization expected to occur in September 2020
Business as usual continues for employees, customers, and suppliers
TORONTO, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE, NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, today announced the approval of its recapitalization plan (the “Recapitalization”) at special meetings of securityholders held earlier today.
The Recapitalization is part of a comprehensive plan to strengthen and de-risk the business and position Just Energy for sustainable growth as an independent industry leader. The Recapitalization significantly improves Just Energy’s financial flexibility with an equity injection of over $100 million and reduces net debt and preferred shares by approximately $520 million.
“The strong support we received from all security classes is a clear indication of their alignment with our future direction, including a stronger financial position and improved liquidity,” said Scott Gahn, Just Energy’s President and Chief Executive Officer. “Our focus now firmly remains on improving our operations, growing our business, and continuing to provide high quality services to our customers.”
