Just Energy Obtains Extension of Stay Period Order under CCAA
March 03 2022 - 5:00PM
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 approved the extension of the stay
period under the Companies’ Creditors Arrangement
Act (Canada) (“
CCAA”) to March 25, 2022 (the
“
Stay Extension”).
The Stay Extension allows the Company to
continue to operate in the ordinary course of business while
pursuing a restructuring plan with its key stakeholders.
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 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 CCAA proceedings. 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
ability of the Company to continue as a going concern; the outcome
of proceedings under the CCAA and similar legislation in the United
States; the outcome of any potential litigation with respect to the
February 2021 extreme weather event in Texas (the “Weather
Event”), the final amount received by the Company with
respect to the financing mechanisms to recover certain costs
incurred during the Weather Event, the outcome of any invoice
dispute with the Electric Reliability Council of Texas; the
Company’s discussions with key stakeholders regarding the CCAA
proceedings, a restructuring and the outcome thereof; the impact of
the evolving COVID-19 pandemic on the Company’s business,
operations and sales; 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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investors Michael
Cummings Alpha IR Phone: (617)
982-0475 JE@alpha-ir.com
MonitorFTI Consulting Inc. Phone:
416-649-8127 or
1-844-669-6340 justenergy@fticonsulting.com
Media Boyd
Erman Longview Communications Phone:
416-523-5885berman@longviewcomms.ca
Source: Just Energy Group Inc.
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