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Just Energy Group Inc. (TSXV:JE; OTC:JENGQ) announced that the Ontario Superior Court of Justice has approved a stay extension under the Companies’ Creditors Arrangement Act (CCAA) until May 26, 2022. This extension allows the company to continue its operations and pursue a restructuring plan with stakeholders. FTI Consulting Canada Inc. is overseeing the CCAA proceedings. The company specializes in electricity and natural gas and operates in the U.S. and Canada.
Just Energy Group Inc. (TSXV:JE; OTC:JENGQ) has received approval from the Ontario Superior Court of Justice for an extension of its stay period under the Companies’ Creditors Arrangement Act (CCAA) until April 22, 2022. This extension enables the company to continue its operations while working on a restructuring plan. FTI Consulting Canada Inc. is overseeing the CCAA proceedings as the court-appointed Monitor. Just Energy provides electricity and natural gas services across Canada and the U.S., focusing on energy efficiency and renewable options.
Just Energy Group announced that the Ontario Superior Court approved an extension of its stay period under the Companies’ Creditors Arrangement Act (CCAA) until March 25, 2022. This extension allows the company to operate normally while it works on a restructuring plan with stakeholders. FTI Consulting Canada Inc. is acting as the court-appointed Monitor overseeing the CCAA proceedings. Just Energy specializes in electricity and natural gas commodities and is committed to sustainable energy solutions.
Just Energy Group reported its third quarter results for fiscal year 2022, showing a 60% decline in Base EBITDA to $22.3 million amid a competitive landscape and rising commodity prices. While the company achieved a positive net addition of 24,000 Mass Markets RCEs, its Base Gross Margin decreased by 19% to $106.9 million. Continuing operations recorded a loss of $139.2 million, impacted by unrealized losses and restructuring costs. Total liquidity stood at $175.4 million, with significant liabilities under compromise.
Just Energy Group Inc. (OTC:JENGQ) announced that the Ontario Superior Court approved the extension of its stay period under the Companies’ Creditors Arrangement Act (CCAA) to March 4, 2022. This extension allows Just Energy to continue ordinary operations while seeking a restructuring plan with stakeholders. FTI Consulting Canada Inc. is overseeing the CCAA proceedings as the court-appointed Monitor. The company provides electricity and natural gas services and operates in the U.S. and Canada, serving both residential and commercial customers.
Just Energy Group announced it anticipates recovering approximately USD $147.5 million in costs from the Electric Reliability Council of Texas (ERCOT) related to the severe weather event in February 2021. ERCOT's calculations are currently undergoing a 15-day verification process as per Texas House Bill 4492. The company's ongoing proceedings under the Companies’ Creditors Arrangement Act (CCAA) in Canada are monitored by FTI Consulting Canada. For more details on the CCAA proceedings, stakeholders can visit the Monitor’s website.
Just Energy Group announced the completion of Generac Holdings' acquisition of ecobee, including all shares held by Just Energy. The transaction, first revealed on November 1, 2021, provides Just Energy with approximately CAD $15 million in cash along with 80,281 common shares of Generac. This acquisition highlights Just Energy's ongoing restructuring as it navigates CCAA proceedings overseen by FTI Consulting Canada.
Just Energy Group Inc. (JENGQ) has filed a lawsuit against ERCOT and the PUCT in the Texas Bankruptcy Court to recover payments made during the February 2021 Winter Storm Uri. The lawsuit addresses certain invoices related to the power disruptions caused by the storm. The Just Energy Parties initiated Chapter 15 proceedings on March 9, 2021, and FTI Consulting Canada Inc. is overseeing the ongoing CCAA process. Key risks include uncertainties surrounding the timing and outcome of the lawsuit and the company's ability to operate as a going concern.
Just Energy Group announced that the Ontario Superior Court has approved an extension of the stay period under the Companies’ Creditors Arrangement Act (CCAA) until February 17, 2022, allowing the company to continue operations while restructuring. Additionally, the maturity of a Debtor-In-Possession financing facility has been extended to September 30, 2022. The court also approved a support agreement with Generac Holdings for the acquisition of Just Energy's ecobee shares. These steps aim to stabilize the company amidst ongoing restructuring efforts.
Just Energy Group reported its Q2 FY2022 results, showing significant challenges due to customer losses. Notably, the company achieved net positive mass markets RCE additions for the first time since Q1 FY2019. Revenue fell by 5% to $704.8 million, while Base Gross Margin decreased by 16% to $116.6 million. Noteworthy is the profit from continuing operations of $326 million, mainly from unrealized gains on derivatives and a $29 million gain from ecobee Inc. investments. The company maintains $200 million liquidity, but faces $1.03 billion in liabilities subject to compromise.
