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Just Energy Group Inc. ("Just Energy" or the "Company") (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 the Ontario Superior Court of Justice (Commercial List) (the "Court") has, among other things, extended the Company's protection under the Companies' Creditors Arrangement Act (the "CCAA") to June 4, 2021 (the "Stay Extension").
The Court also approved a support agreement between Just Energy and its existing senior lenders under the Company's credit facility. The Company's largest commodity suppliers remain in support of the Company.
"We continue to provide our customers across North America with uninterrupted service and remain focused on our business strategies, as we proceed through the CCAA process," said Scott Gahn, Just Energy's President and Chief Executive Officer. "I want to thank our employees for their continued focus and dedication, and our valued partners and customers for their support as we determine the optimal next steps in pursuit of a successful restructuring."
The Company is also continuing to wind down its German business, which the Company had been trying to exit since early 2019, and has commenced insolvency proceedings in Germany.
On March 9, 2021, Just Energy filed for protection under the CCAA and under Chapter 15 in the United States following unprecedented cold weather in Texas in February (the "Weather Event") and corresponding charges from the Electric Reliability Council of Texas ("ERCOT"), currently totaling over US$250 million incurred over a seven-day period. The total financial impact may change due to ERCOT resettlements, potential orders of the Public Utility Commission, potential legislation, the outcome of the dispute resolution process initiated by the Company with ERCOT and potential litigation challenges. Protection under the CCAA and Chapter 15 allows Just Energy to operate with requisite breathing space as it restructures its business.
Just Energy will provide additional updates as developments warrant. Further information regarding the CCAA proceedings is available at the Monitor's website 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 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 Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and terrapass. Visit https://investors.justenergy.com/ to learn more.
Posted In: JE
