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Just Energy granted court protection from creditors after Texas storm losses
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Just Energy granted court protection from creditors after Texas storm losses
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Just Energy granted court protection from creditors after Texas storm losses
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Following Unprecedented Winter Storm in Texas, Just Energy Files for Relief Under CCAA in Canada and Chapter 15 in U.S. and Has Arranged US$125 Million Debtor in Possession Financing Just Energy Group Inc. Mississauga, Ontario, CANADA
All Services to customers across Company’s North American operations continue without interruption; no impact on customers’ bills or daily operations expected
Filings and associated US$125 million Debtor in Possession (“DIP”) financing ensures Just Energy continues to meet its regulatory obligations in North America, including payments required by the Electric Reliability Council of Texas (“ERCOT”)
Filings provide stability for the Company as it facilitates the restructuring of its financial obligations due to the impact of unprecedented winter storm on the business
By Reuters Staff
2 Min Read
(Reuters) - Electricity and gas provider Just Energy Group Inc said it filed for creditor protection in Canada and plans to do the same in the United States, citing massive costs from the Texas deep freeze last month.
It became the second Texas electricity company to take the step in the face of extraordinary electricity charges during the cold snap.
Last week, Texas’ largest and oldest electric power cooperative, Brazos Electric Power Cooperative Inc, filed for bankruptcy protection in Houston, citing a disputed $1.8 billion debt to the state’s grid operator.
Just Energy said on Tuesday it expects to receive a loan that would enable it to pay the state’s grid operator more than $250 million for power. It would be unable to cover the bill without the loan.