Just Energy Announces Receipt of Interim Order for Recapitalization and Board Renewal
today announced it has obtained the interim order from the Ontario Superior Court of Justice in connection with the plan of arrangement (the “Plan of Arrangement”) announced on July 8, 2020.
The order, among other things, grants a limited stay of proceedings and establishes the record date for voting of securityholders with respect to the Plan of Arrangement as July 23, 2020.
The Plan of Arrangement provides a comprehensive plan to strengthen and de-risk the business, positioning the Company for sustainable growth as an independent industry leader.
Conversion of approximately C$420 million subordinated convertible debentures and preferred shares into new equity
New cash equity investment commitment of C$100 million
Extension of C$335 million secured credit facilities by three years to December 2023
Extension of unsecured debt of US$205.9 million to March 2024 with interest to be paid-in-kind
Initial reduction of annual cash interest expense by approximately C$45 million
Reconstitution of the Board of Directors with five new directors (announced on July 16, 2020)
Business as usual for employees, customers and suppliers enhanced by the relationship with a financially stronger Just Energy – they will not be affected by the Recapitalization
investors.justenergy...recapitalization-and
today announced it has obtained the interim order from the Ontario Superior Court of Justice in connection with the plan of arrangement (the “Plan of Arrangement”) announced on July 8, 2020.
The order, among other things, grants a limited stay of proceedings and establishes the record date for voting of securityholders with respect to the Plan of Arrangement as July 23, 2020.
The Plan of Arrangement provides a comprehensive plan to strengthen and de-risk the business, positioning the Company for sustainable growth as an independent industry leader.
Conversion of approximately C$420 million subordinated convertible debentures and preferred shares into new equity
New cash equity investment commitment of C$100 million
Extension of C$335 million secured credit facilities by three years to December 2023
Extension of unsecured debt of US$205.9 million to March 2024 with interest to be paid-in-kind
Initial reduction of annual cash interest expense by approximately C$45 million
Reconstitution of the Board of Directors with five new directors (announced on July 16, 2020)
Business as usual for employees, customers and suppliers enhanced by the relationship with a financially stronger Just Energy – they will not be affected by the Recapitalization
investors.justenergy...recapitalization-and