Just Energy Provides Expected Closing Date For Recapitalization Transaction, As It Receives FERC Approval

FERC issued an order approving the application of Just Energy Group Inc. (Just Energy), Just Energy (U.S.) Corp. (JEUS), Hudson Energy Services, LLC (HES), Just Energy Illinois Corp. (JEIL), Just Energy New York Corp. (JENY), Just Energy Pennsylvania Corp. (JEP), Just Energy Texas I Corp. (JET), and Just Energy Solution Inc. (JES) (collectively Applicants) requesting authorization for funds (PIMCO Accounts) controlled by Pacific Investment Management Company LLC (PIMCO) to acquire outstanding interests of Just Energy as a result of issuances of equity pursuant to a recapitalization transaction (Recapitalization), or for an entity in which PIMCO Accounts and two other investors will acquire subsidiaries of Just Energy or their assets (Restructuring) (Proposed Transactions).

See more background on the specific transactions for which Just Energy applied for FERC approval here

The jurisdictional facilities involved in the transactions consist of market-based rate tariffs, wholesale power sales contracts, and associated books and records

The transactions are part of Just Energy's previously reported recapitalization plan, which is being facilitated through a plan of arrangement (see details here)

Just Energy Group Inc. recently said that it is only awaiting the FERC approval to be able to close the Company’s previously announced plan of arrangement

Just Energy confirmed in a release today that it has obtained all necessary approvals and may now proceed with the closure of the Recapitalization Transaction.

"The Company expects to close the Recapitalization Transaction on or about September 28, 2020," Just Energy said