Source: Just Energy
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  • Just Energy Group Inc. (JE) has provided a corporate update following new approvals, agreements, and a credit extension
  • Just Energy is a retail energy provider for electricity and natural gas commodities
  • The Ontario Superior Court of Justice has granted an order which allows Just Energy to handle the previously announced sale and investment solicitation process
  • Parallel to this, a stalking horse transaction and support agreements have been approved
  • Also, an extension of the stay period with a creditor has been moved until October 31st
  • Just Energy Group Inc. (JE) is unchanged trading at $0.26 per share as of 1:18 p.m. ET

Just Energy Group (JE) has provided a corporate update following new approvals, agreements, and a credit extension.

Just Energy is a retail energy provider for electricity and natural gas commodities, bringing energy-efficient solutions, carbon offsets and renewable energy options to customers. The company is the parent entity of Amigo Energy, Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy, and Terrapass.

According to the company, the Ontario Superior Court of Justice has granted an order which allows Just Energy to handle the previously announced sale and investment solicitation process.

Just Energy stated that, as a part of the solicitation process terms, the execution of a stalking horse transaction agreement and support agreement has also been approved.

As a part of the solicitation process and subsequent agreements, interested parties must allegedly submit a notice of intent to bid for outlined assets or businesses of the Just Energy Entities by September 8th.

If the bid meets certain criteria by October 13th, then the bid will require the involved parties to provide a necessary cash consideration value on top of Just Energy Entities’ cash on hand, a break-up fee, and a bid of at least US$1 million.

Before this, any board or equity holder approval, financing, or due diligence conditions will not be allowed.

In addition to all of this, an extension of the stay period with a creditor has been moved until October 31st.

Just Energy Group Inc. (JE) is unchanged trading at $0.26 per share as of 1:18 p.m. ET.


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