Retail Supplier Launches Sale Process, After Court Approval
July 6, 2023 Email This Story Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Planet Energy Ontario (PE Ontario), a Toronto-based retail electricity and natural gas supplier serving residential and commercial customers, today announced, through KSV Restructuring Inc., a court-appointed Interim Receiver, the commencement of a sale process for its business and assets.
PE Ontario has approximately 7,400 customer contracts.
A teaser powerpoint concerning the sale notes Planet has ~6,000 electricity and ~1,400 natural gas customer contracts in place. Approximately 6,500 contracts are residential, with about 600 small commercial and 300 large commercial
Notably, KSV Restructuring stated, "The Interim Receiver is also offering for sale PE Ontario’s interests in its various subsidiaries in Canada and the US, all of which are licensed [sic] but are presently inactive."
"The Interim Receiver is seeking offers to acquire all, substantially all, or a portion of Planet Energy’s business, or to make an investment in, restructure, reorganize and refinance Planet Energy," a teaser powerpoint states.
The book is said to provide, "Predictable contractual revenue of ~$600,000 per month [Canadian $]," a teaser powerpoint states.
A Canadian court approved the sale process on July 4, 2023.
The bid deadline has not yet been announced but is expected to be on or around August 10, 2023.