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Just Energy Group Inc. has received approval from the Ontario Superior Court of Justice to proceed with a Sale and Investment Solicitation Process (SISP), facilitated by BMO Capital Markets and FTI Consulting Canada. This follows the execution of a Stalking Horse Transaction Agreement. Notably, the stay period under the Companies’ Creditors Arrangement Act has been extended to October 31, 2022, allowing the company to continue its operations. Interested bidders must submit their intent by September 8, 2022, and comply with specific bidding criteria by October 13, 2022.
Just Energy Group Inc. (OTC:JENGQ) released its fiscal year 2022 results, reporting a 4% revenue increase to $2.15 billion. However, Base EBITDA fell by 47% to $73.7 million due to high commodity prices and competitive market pressures. The company added 54,000 Mass Markets RCEs, the first annual gain since fiscal 2018. Despite a strong performance metric, total liabilities are high at $845.9 million, with an ongoing restructuring process under CCAA. Cash and equivalents decreased by 26% to $128.5 million. The company aims to emerge from insolvency through a stalking horse transaction to facilitate a sale.
Just Energy Group announced a Stalking Horse Transaction Agreement and a SISP Support Agreement to facilitate its exit from insolvency proceedings. The agreements are subject to court approval. The SISP aims to attract qualified bids by September 29, 2022, with an auction planned if multiple bids are received. The Stalking Horse Transaction includes a purchase price of approximately USD $184.86 million and a credit bid of about USD $230 million. Existing shareholders may receive no compensation as outstanding shares will be canceled. Further details are available on the company's website.
Just Energy Group has announced a delay in its annual filings for the fiscal year ending March 31, 2022, due to ongoing proceedings under the Companies’ Creditors Arrangement Act (CCAA) and Chapter 15 bankruptcy in the U.S. The company has applied for a management cease trade order from the Ontario Securities Commission to extend the filing deadline by up to one month. Trading of Just Energy’s securities by its directors and officers is currently on blackout until filings are completed, expected by August 12, 2022. The situation raises concerns regarding the company's ongoing ability to continue operations.
Amigo Energy has unveiled a new branding initiative aimed at celebrating and serving the diverse Hispanic community in Texas. With nearly 20 years of operation, the company has introduced a new logo and enhanced online and print materials that reflect Hispanic culture, offering fully bilingual services for better customer engagement. Chief Growth Officer Felix Churchill emphasized the importance of the Hispanic community to the company's growth strategy. The campaign, inspired by traditional Mexican heritage, includes interactive promotions at local retail locations. Amigo Energy was also recognized as a top-five electricity provider in Houston Chronicle's 2021 awards.
Just Energy Group Inc. (NEX:JE.H; OTC:JENGQ) has filed a late notification on Form 12b-25 with the SEC regarding its annual report for the year ended March 31, 2022, citing the need for additional time due to ongoing financial restructuring.
The company expects to file its Annual Filings by July 29, 2022, as overseen by FTI Consulting Canada Inc. during its Companies’ Creditors Arrangement Act (CCAA) proceedings. The delay may impact investor confidence amidst restructuring challenges.
Just Energy Group Inc. (OTC:JENGQ) announced that the Ontario Superior Court has approved an extension of the stay period under the Companies’ Creditors Arrangement Act (CCAA) to August 19, 2022. This Stay Extension permits the Company to operate normally while pursuing its restructuring plan. The court also heard motions related to Meetings and Authorization Orders. FTI Consulting Canada Inc. is overseeing the CCAA proceedings. The Company continues to face multiple risks, including ongoing litigation from the February 2021 weather event in Texas and the evolving impact of COVID-19 on operations.
Just Energy Group Inc. (NEX:JE.H; OTC:JENGQ) announced that the Ontario Superior Court of Justice has approved an extension of the stay period under the Companies’ Creditors Arrangement Act (CCAA) to June 7, 2022. Additionally, motions regarding a Meetings Order and Authorization Order have been adjourned to the same date. These orders will facilitate creditors' meetings to vote on a proposed plan of arrangement. Just Energy specializes in electricity and natural gas commodities, providing energy-efficient solutions and renewable energy options to customers in the U.S. and Canada.
Just Energy Group Inc. (OTC:JENGQ) announced its transfer from the TSX Venture Exchange to the NEX, effective May 20, 2022. This decision stems from a proposed compromise and arrangement announced previously. The trading symbol will change from JE to JE.H. FTI Consulting Canada Inc. is overseeing the CCAA proceedings as the court-appointed Monitor. Just Energy specializes in electricity and natural gas commodities and provides energy efficient solutions. More information can be found on their investor website.
On May 13, 2022, Just Energy Group announced a restructuring and recapitalization plan following its entry into CCAA proceedings and Chapter 15 bankruptcy in the U.S. The plan aims to preserve business operations and customer relationships, involving a US$192.55 million equity offering, debt settlements, and a modified corporate structure. Existing shareholders will face cancellations of their equity without compensation. Approval of the plan requires majority creditor votes and court sanctions by August 12, 2022.
