Just Energy Provides Update on CCAA and Chapter 15 Processes

Source: www.gulfoilandgas.com 4/2/2021, Location: North America

Just Energy Group Inc., a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, announced today that the order under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) issued on March 19, 2021 has been given full force and effect in the United States under Chapter 15 of Title 11 of the U.S. Code in the cases currently pending in the Bankruptcy Court for the Southern District of Texas.

The Company also announced that the current Chairman of the Board, Anthony Horton, has been appointed as Executive Chair of the Company by the Board to, among other things, oversee and provide strategic direction with respect to the exploration and implementation of potential restructuring alternatives, while the Company is undergoing the CCAA and U.S. Chapter 15 processes. Mr. Horton has more than 25 years of energy experience and was Executive Vice President and Chief Financial Officer at Energy Future Holdings and Senior Director of Corporate and Public Policy at TXU Energy. He has served on the board of directors and committees of numerous companies involved in turnarounds and restructuring matters.

In addition to the appointment of Mr. Horton, the Company also announced that it has established a Legislative and Regulatory Affairs Committee of the Board to, among other things, oversee, review and assess any government or regulatory actions associated with the Texas extreme weather event (the “Weather Event”). The Legislative and Regulatory Affairs Committee will be chaired by Marcie Zlotnik and its other members will be Mr. Horton and Scott Gahn.

“I look forward to the ongoing work with Tony, Marcie and the rest of the Board, as we continue to effectively serve our customers across North America, while managing the restructuring process,” said Mr. Gahn, Just Energy’s President and Chief Executive Officer.


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