RE:Share PriceTommy123 wrote: It'll be interesting to see if JE can recover. I still hold a lot of my portfolio in JE, so I'm obivouslly very bullish on the company. Shares are FAR too cheap.
What percent of your portfolio is in JE shares?
What makes you bullish on the common stock?
Tommy123 do you understand what CCAA proceedings are?
If you did you would not be holding these shares as the company negotiates with creditors and common stock about to be deemed worthless.
Thank me later.
On May 13 2022 JE issued news release that contianed the following comment
TORONTO, May 13, 2022 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“
Just Energy” or the “
Company”) (TSXV:JE; OTC:JENGQ), a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers, today announced that it has entered into a Support Agreement and a Backstop Commitment Letter (each as defined below) with certain of its principal stakeholders, which provides for a comprehensive restructuring and recapitalization transaction that will be implemented pursuant to a plan of compromise and arrangement (the “
Plan”) under the
Companies’ Creditors Arrangement Act (the “
CCAA”). The proposed Plan is the culmination of extensive negotiations among the Company, its DIP Lenders (as defined below), its credit facility lenders, certain of its secured commodity suppliers and unsecured term loan lenders.
If approved, the Plan will result in Just Energy’s emergence from CCAA proceedings and cases commenced under Chapter 15 of the United States Bankruptcy Code (“Chapter 15”) pending in the United States Bankruptcy Court for the Southern District of Texas (the “U.S. Court”), preserve the going concern value of the business, maintain customer relationships and retain employment and critical vendor and regulator relationships. The Plan provides that certain creditors will receive cash payments and/or equity in exchange for their debt, and existing equityholders’ interests will be cancelled for no consideration.