Just Energy Obtains Extension of Stay Period Order under CCAA and Maturity of the DIP Facility
November 11 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, approved (i) the
extension of the stay period under the Companies’ Creditors
Arrangement Act (Canada) (“
CCAA”) to February 17,
2022 (the “
Stay Extension”); and (ii) an amendment
to the CCAA Interim Debtor-In-Possession (“
DIP”)
Financing Term Sheet (the “
DIP Facility”) between
the Company and the DIP lenders to, among other things, extend the
maturity of the DIP Facility to September 30, 2022.
The Stay Extension and DIP maturity extension
allow the Company to continue to operate in the ordinary course of
business while pursuing a restructuring plan with its
stakeholders.
In addition, further to the Company’s
announcement on November 1, 2021, the Court approved Just Energy
entering into a support agreement with an affiliate of Generac
Holdings Inc. (“Generac”) to vote in favour of the acquisition of
Just Energy’s shares of ecobee Inc. by Generac.
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 as well as the sale of the Company’s ecobee
shares. 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 ecobee or
Generac to close the sale and purchase of the ecobee shares;
regulatory approval of the acquisition of ecobee by Generac; the
ability of the Company to continue as a going concern; the outcome
of proceedings under the CCAA proceedings 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, restructuring 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.
Any forward-looking statement made by Just
Energy in this press release speaks only as of the date on which it
is made. Just Energy undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
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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