TORONTO, May 26, 2022 (GLOBE NEWSWIRE) – Just Energy Group Inc. (“just energy“or the”company(NEX: JE.H; OTC: JENGQ), a retail energy provider that specializes in electricity and natural gas commodities and offers energy efficient solutions and renewable energy options to customers, today announced that the Ontario Supreme Court of Justice (Trade List) (the “)Tennis Court”) to extend the period of stay under Corporate Creditors Arrangement Law (Canada) (“CCAA”) until June 7, 2022.
The Company also announced today that the proposals of Just Energy and certain of its subsidiaries (together theOnly energy entities“) previously announced May 13, 2022 Meetings Order and Power of Attorney (each as defined below), which may be originally returned to the Ontario Superior Court of Justice (Trade List) (”)Tennis Court”) Today, to June 7, 2022 at 10:00 am
As announced on May 13, 2022, Equitable Energy Entities intend to file applications before the Court for (i) an order (“Arranging meetings“) that, among other things, agree to hold meetings of certain creditors to consider and vote on a resolution approving the proposed arrangement plan for the Equitable Energy Entities, and (ii) an order (“)Authorization command”) that, among other things, agree to the implementation by the applicable Just Energy entities of the Plan Support Agreement and Letter of Support Commitment, copies of which are available on the SEDAR website www.sedar.com, on the US Securities and Exchange Commission website at www.sedar.com. sec.gov and on the Just Energy website at https://investors.justenergy.com/.
About Just Energy Group Inc.
Just Energy is a retail energy provider specializing in electricity and natural gas commodities and providing energy efficient solutions, carbon offsets and renewable energy options to customers. Just Energy currently operates in the United States and Canada, serving residential and commercial clients. 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.
This press release may contain forward-looking statements, including, but not limited to, statements regarding CCAA procedures. These statements are based on current expectations, which involve many risks and uncertainties that could cause actual results to differ from those expected. These risks include, but are not limited to, risks related to: the Company’s ability to continue as a going concern; As a result of actions under the CCAA and similar legislation in the United States; The outcome of any potential lawsuit regarding the February 2021 extreme weather event in Texas (“weather event“), the final amount received by the Company in connection with financing mechanisms to recover certain costs incurred during the weather event, as a result of any billing dispute with the Texas Electrical Reliability Board; the Company’s discussions with key stakeholders regarding CCAA actions, restructuring and its consequences; the impact of the COVID pandemic -19 evolving on the Company’s business, operations and sales; Uncertainties regarding the eventual spread, severity and duration of COVID-19 and related adverse effects on the economies and financial markets of the countries in which the Company operates; The Company’s ability to successfully implement business continuity plans in relation to the COVID-19 pandemic The Company’s ability to access capital sufficient to provide liquidity to manage cash flow requirements General economic, commercial and market conditions The management’s ability to implement its business plan Client consumption levels of natural gas and electricity Conditions of the extreme atmosphere Rates of customer additions and renewals Client credit risk rates Diminishing customers; fluctuations in natural gas and electricity prices; interest and exchange rates; actions taken by the authorities governmental, including regulating energy marketing; tax increases and changes to government regulations and incentive programs; changes in organizational systems; the results of litigation and decisions by regulatory authorities; competition; Reliance on specific suppliers. Additional information about these and other factors that could affect Just Energy’s operations or financial results is included in Just Energy’s annual information form and other reports on file with the Canadian Securities Regulatory Authorities which can be accessed through the SEDAR website at www.sedar. com and on the US Securities and Exchange Commission website at www.sec.gov or through the Just Energy website at justenergy.com investors.
For more information, please contact:
Phone: (617) 982-0475
Just Energy, Chief Financial Officer
Court appointed observer
FTI Consulting Canada Inc.
Phone: 416-649-8127 or 1-844-669-6340
source: Just Energy Group Inc.
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