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Court granted initial CCAA protection, DIP financing, and regulatory stays following a sudden liquidity crisis.
Just Energy Group Inc. and its affiliates sought an initial order for protection under the Companies' Creditors Arrangement Act (CCAA) due to a severe liquidity crisis.
This crisis stemmed from unprecedented and controversial price increases imposed by Texas regulators (ERCOT and PUCT) following an extreme winter storm.
The court granted a 10-day stay of proceedings, approved a $125 million debtor-in-possession (DIP) financing, stayed regulatory actions in Canada and the U.S., authorized charges for essential suppliers, and stayed set-off rights.
The court also approved administrative and directors and officers charges.
However, the request for third-quarter bonus payments was denied for the initial order, to be reconsidered at a later hearing.
