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Just Energy Group Inc. (OTC: JENGQ) announced an extension of its stay period under the Companies’ Creditors Arrangement Act (CCAA) to September 30, 2021. This extension is intended to facilitate business growth and stakeholder engagement during the restructuring process. The company has received conditional approval to list its common shares on the TSX Venture Exchange, with trading expected to start in early June. Just Energy is also dealing with financial impacts related to the February weather event in Texas and is exploring various options to resolve related invoices from the Energy Reliability Council of Texas.
Just Energy Group announced it received resettlement invoices from ERCOT totaling approximately US$48 million related to the February 2021 Weather Event, raising the total financial impact to over US$300 million. The Company disputes these invoices but maintains sufficient liquidity, having paid them as due with approximately C$245 million in cash as of April 19, 2021. CEO Scott Gahn expressed confidence in the Company's ability to grow customer base and market share, leveraging investments in digital sales. Future financial impacts may vary due to ongoing dispute resolutions and potential legislation.
Just Energy Group Inc. announced the appointment of Anthony Horton as Executive Chair amid its ongoing restructuring under the Companies’ Creditors Arrangement Act (CCAA) and U.S. Chapter 15. This appointment aims to guide strategic direction during these processes. Horton brings over 25 years of energy sector experience, previously holding key roles at Energy Future Holdings and TXU Energy. The company also formed a Legislative and Regulatory Affairs Committee to address government actions related to recent extreme weather events impacting its operations.
On March 23, 2021, Just Energy Group announced its commencement of trading on the OTC Pink Market under the ticker symbol JENGQ. The company specializes in retail energy, offering electricity and natural gas commodities along with energy-efficient solutions. Operating in the U.S. and Canada, Just Energy serves both residential and commercial customers and includes brands such as Amigo Energy and Tara Energy. The announcement emphasizes the company's commitment to renewable energy options while also highlighting various risks associated with capital access and market conditions.
Just Energy Group announced it will not appeal the NYSE's recommendation for delisting following creditor protection under the Companies’ Creditors Arrangement Act in Canada and Chapter 15 in the U.S. The company's shares will be suspended from trading on the NYSE and will transition to the OTC Pink Market. Just Energy has applied for listing on the TSX Venture Exchange, pending approval. The transition between exchanges does not affect ongoing business operations or customer services across North America.
Just Energy Group Inc. (NYSE: JE) announced a support agreement with senior lenders, ensuring continuous operations across North America. The Ontario Superior Court has extended the Company's protection under the Companies’ Creditors Arrangement Act (CCAA) until June 4, 2021, allowing the business to restructure. This follows significant financial impacts from unprecedented cold weather in Texas, which led to over US$250 million in charges. Just Energy is also winding down its German operations and has commenced insolvency proceedings there.
Just Energy Group (TSX:JE; NYSE:JE) is voluntarily delisting its common shares from the Toronto Stock Exchange (TSX) following notice from the TSX regarding a review of its eligibility due to ongoing proceedings under the Companies’ Creditors Arrangement Act (CCAA). The company plans to transition its shares to the TSX Venture Exchange (TSX-V), although approval for this transition is not guaranteed. The delisting will not affect Just Energy’s business operations across North America, as emphasized by CEO Scott Gahn.
Just Energy Group has announced its voluntary delisting from the Toronto Stock Exchange (TSX) following a notification from the TSX regarding a review of its listing eligibility due to the Company’s proceedings under the Companies’ Creditors Arrangement Act (CCAA). The Company intends to transition to the TSX Venture Exchange but acknowledges that approval is not guaranteed. The delisting will not affect its ongoing business operations across North America, as stated by CEO Scott Gahn.
Just Energy Group Inc. (TSX:JE; NYSE:JE) received a delisting notice from the TSX and NYSE. The TSX's Continued Listing Committee will meet on March 15, 2021, to evaluate the company's securities listing status. NYSE Regulation initiated delisting proceedings due to the company's creditor protection under the Companies’ Creditors Arrangement Act and Chapter 15 of the Bankruptcy Code. If trading is suspended, shares may move to the OTC Pink Market. These developments are crucial for investors considering the company's financial viability.
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