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TORONTO, Sept. 17, 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 that it is only awaiting the approval of the Federal Energy Regulatory Commission ("FERC") to be able to close the Company's previously announced plan of arrangement (the "Plan of Arrangement"). The FERC application was not subject to any interventions, comments or objections.
As previously announced, Just Energy has obtained all required stakeholder approvals and the final order from the Ontario Superior Court of Justice enabling the Plan of Arrangement to proceed.
The Plan of Arrangement includes a recapitalization (the "Recapitalization") that will 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 a cash injection of approximately C$100 million from its equity raise and, among other things, reduces net debt and preferred shares by approximately C$520 million.
