TORONTO, Aug. 05, 2022 (GLOBE NEWSWIRE) — Just Energy Group Inc. (“Just Energy” or the “Company”) (NEX:JE.H; OTC:JENGQ), a retail energy supplier specializing in power and natural gas commodities and provides customers with energy efficient solutions, carbon offsets and renewable energy options, today announced full year and fourth quarter results for fiscal 2022.

Recent Developments

On August 4, 2022, the Company entered into a stalking horse transaction agreement, including with lenders under the Company’s self-owned financing facility (collectively, the “Stalking Horse Buyer”) and an Assistance Agreement in connection with a proposed Sale and Investment Solicitation Process (“SISP”) designed to facilitate exit from the Company’s ongoing insolvency proceedings. Under the SISP, interested parties will be invited to participate in accordance with the approved SISP procedures. If one or more qualifying bids (other than the transaction contemplated by the stalking horse transaction) are received by September 29, 2022, Just Energy intends to proceed with an auction to determine the winning bid(s) pursuant to to determine the terms of the approved SISP procedure. If the Stalking Horse Buyer is determined to be a successful bidder upon completion of the SISP and is subsequently approved by the Ontario Superior Court of Justice (Commercial List), the Stalking Horse Buyer will become the sole shareholder of Just Energy (US) Corp., which will become the new will be the parent company of all Just Energy companies subject to the proceedings under the Law on the regulation of company creditors (Canada) (“CCAA”), including the Company (the “Just Energy Entities”) and the Just Energy Entities will continue in business and operations. There are no amounts available for distribution to general unsecured creditors under the Stalking Horse Transaction and all currently outstanding…