Just Energy Entities

CCAA Initial Order

On March 9, 2021, Just Energy Group Inc., Just Energy Corp., Ontario Energy Commodities Inc., Universal Energy Corporation, Just Energy Finance Canada ULC, Hudson Energy Canada Corp., Just Management Corp., Just Energy Finance Holding Inc., 11929747 Canada Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp., Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy Limited, Just Solar Holdings Corp., and Just Energy (Finance) Hungary ZRT. (together, the "Applicants" or the "Just Energy Group") sought and obtained an order (as amended from time to time, the ("Initial Order")) from the Ontario Superior Court of Justice (the "Canadian Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"). The Initial Order provides, among other things, a stay of proceedings (the "Stay Period") which may be extended by the Court from time to time. Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the "Monitor").

Stay Period

In an Order dated September 10, 2024, the Canadian Court extended the Stay Period to January 31, 2025.

Current Status of CCAA Proceedings

The remaining Applicant in the CCAA Proceedings is 14487893 Canada Inc.(the "Canadian ResidualCo"), which holds all Excluded Assets and Excluded Liabilities of the Just Energy Entities, as defined in Section 2.2 and 2.4 of the Transaction Agreement, respectively) and the Excluded Entities including 12175592 Canada Inc., Drag Marketing LLC, Just Solar Holdings Corp., Just Energy Connecticut Corp., and Just Energy (Finance) Hungary ZRT.

On November 3, 2022, the Canadian Court granted the Monitor's Enhanced Powers & Other Relief Order (the "MEP Order"), which authorizes and empowers, but does not require, the Monitor to, among other things:

a) exercise any powers which may be properly exercised by any board of directors of the Canadian ResidualCo;
b) cause the Canadian ResidualCo to perform such other functions or duties as the Monitor considers necessary or desirable in order to facilitate or assist the winding-down or liquidation of the Canadian ResidualCo, or any other related activities, including in connection with terminating these CCAA proceedings;
c) exercise any shareholder, partnership, joint venture or other rights of any of the Canadian ResidualCo;
d) assign any of the Canadian ResidualCo, or cause any of the Canadian ResidualCo to be assigned, into bankruptcy, and the Monitor shall hereby be entitled but not obligated to act as a trustee of the Canadian ResidualCo in any such bankruptcy; and,
e) cause the dissolution or winding-up of the Canadian ResidualCo

As outlined in the Seventeenth Report of the Monitor and pursuant to the MEP Order, the Monitor and its advisors continue efforts to oversee the winding-down of the remaining Applicant and its interests. The Monitor views the following as the remaining activities required to be completed in the CCAA Proceedings:

a) Resolution of the Omarali Class Action claim;
b) Placing the Barbados-domiciled Excluded Entity into bankruptcy in Barbados;
c) Bringing a motion to terminate these CCAA Proceedings and discharge the Monitor, and concurrently assigning the Canadian ResidualCo into bankruptcy; and,
d) Completion of the necessary statutory and administrative steps in relation to same.

On September 15, 2021, the Canadian Court issued an order (the "Claims Procedure Order"). The Claims Procedure Order commenced a claims procedure (the "Claims Process") for the purpose of identifying and determining all Claims against the Just Energy Entities and their respective Directors and Officers. Pursuant to the Claims Procedure Order, Omni Agent Solutions was appointed Claims Agent (the "Claims Agent") for the Claims Process.

Please note that the Claims Bar Date was November 1, 2021, and that the SISP Approval Order suspended the ongoing claims review, claims determination and dispute resolution processes as of August 18, 2022, subject to certain exceptions, pending further Order of the Canadian Court.

As noted in Paragraph 36 of the Twelfth Report of the Monitor, the Transaction does not provide for any recoveries to General Unsecured Creditors.

Bankruptcy of Canadian Excluded Entities

On October 18, 2023, 12175592 Canada Inc., filed an assignment pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c.-3). FTI Consulting Canada Inc. was appointed as trustee of the bankrupt estates.

On October 19, 2023, JEAS Holdings L.P., Just Holdings L.P., Just Ventures GP Corp., and Just Ventures L.P., filed assignments pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3). FTI Consulting Canada Inc. was appointed as trustee of the bankrupt estates.

All documents relating to the bankruptcies of the Canadian Excluded Entities can be found on the "Bankruptcy" tab of the Monitor's website.

Further details relating to this matter may be accessed by using the menu to the left, or contacting the Monitor using the information below:

Phone: +1 (416) 649-8127
Toll Free: +1 (844) 669-6340
Fax: +1 (416) 649-8101
General Email Inquiries: justenergy@fticonsulting.com