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Just Energy Group has successfully completed its sale transaction under the Companies’ Creditors Arrangement Act (CCAA), emerging with a new ownership group and a strengthened balance sheet. This transition allows the Company to refocus on delivering high-quality services in electricity and natural gas commodities, while continuing to offer renewable energy options. Following the transaction, Just Energy is no longer a reporting issuer in Canada and exits the CCAA proceedings, paving the way for growth and improved relationships with customers and partners.
Just Energy Group Inc. announced the appointment of Michael Carter, Chief Financial Officer, as Interim President and CEO following the leave of absence of CEO Scott Gahn for health reasons. The board expressed support for Gahn during this difficult time. Carter, involved in operations since 2020, is tasked with leading the company through its restructuring under the Companies’ Creditors Arrangement Act (CCAA). For more details on the CCAA proceedings, visit the court-appointed monitor's website.
Just Energy Group Inc. (NEX:JE.H; OTC:JENGQ) announced that its common shares will be delisted from the NEX board of the TSX Venture Exchange effective December 15, 2022, due to failing to meet exchange requirements. Trading will be halted on December 12, 2022, prior to the delisting. This action is part of a larger transaction set to close on December 16, 2022, which includes ceasing reporting obligations under Canadian and U.S. securities laws. All common shares will be canceled upon completion of the Transaction.
Just Energy Group Inc. (OTC:JENGQ) has received a Recognition Order from the U.S. Bankruptcy Court, acknowledging a prior Ontario court's Approval and Vesting Order regarding its restructuring process. This order paves the way for the company’s transaction with lenders under its debtor-in-possession financing. Expected to close on December 16, 2022, the transaction will result in the cancellation of all existing shares and delisting from trading on NEX and OTC markets. Just Energy aims to cease being a reporting issuer under Canadian and U.S. laws post-transaction completion.
Just Energy Group Inc. reported its fiscal Q2 2023 results, showing a 22% revenue increase to $685 million, driven by growth in Texas mass market customers and warmer weather. Base EBITDA rose 31% to $32.1 million, and base gross margin increased 23% to $113.6 million. However, net loss was $205.6 million, impacted by a $289.8 million unrealized loss on derivative instruments. The company repaid $70 million of its debtor-in-possession financing, with $182 million in liquidity available.
Just Energy Group announced that the Ontario Superior Court granted a Reverse Vesting Order for a transaction with lenders, extending the stay under the Companies’ Creditors Arrangement Act until January 31, 2023. The transaction, expected to close in December 2022, will allow the Purchaser to own all outstanding equity of Just Energy (U.S.) Corp. All existing shares will be cancelled with no recovery for general unsecured creditors, including a USD $205.9 million term loan. Just Energy plans to cease being a reporting issuer under Canadian and U.S. laws and delist from trading.
Just Energy Group Inc. announced the conclusion of its sales and investment solicitation process (SISP) and confirmed the Stalking Horse Transaction as the successful bid. This transaction involves a cash payment of approximately US$184.9 million and the assumption of specific liabilities. Post-transaction, Just Energy’s existing shares will be canceled without compensation, with no recoveries expected for general unsecured creditors. The company will seek to cease being a reporting issuer and delist its shares from trading. The transaction's completion is contingent upon necessary court and regulatory approvals.
Tara Energy, a subsidiary of Just Energy Group, has launched a campaign in partnership with Helping Hand for Relief and Development to support victims of catastrophic flooding in Pakistan.
Over 33 million people have been affected, with severe damage to homes and infrastructure. Tara Energy will donate $5 for each new residential enrollment and $25 for each new business enrollment throughout October. Funds will assist with critical needs like food, clean water, and medical camps. This initiative reflects Tara Energy's commitment to its local South Asian community.
Just Energy Group, a retail energy provider, announced the voluntary repayment of US$70 million principal plus interest from its US$125 million debtor-in-possession (DIP) term loan associated with its Companies’ Creditors Arrangement Act (CCAA) proceedings initiated on March 9, 2021. The remaining balance on the DIP Facility is now US$55 million. This repayment is significant as it highlights Just Energy's financial maneuvering amidst ongoing restructuring efforts.
Just Energy Group reported a strong first quarter for fiscal 2023, with revenue of $570.6 million, a 15% increase from the previous year, driven by a growing customer base in Texas. Base EBITDA rose 9% to $20.5 million, while Base Gross Margin increased 11% to $90.3 million. The company added 43,000 net Mass Markets customers, marking its highest quarterly addition since 2018. However, Just Energy is managing significant liabilities, totaling $847.2 million. The company expects to complete its sale and investment solicitation process by early 2023.
