|Bid||4.5800 x 0|
|Ask||4.5900 x 0|
|Day's Range||4.5000 - 4.7000|
|52 Week Range||4.3200 - 45.5400|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb. 15, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jun. 14, 2019|
|1y Target Est||1.58|
The electricity and gas provider, however, said the total energy cost for the month of February may be impacted by higher usage because of the winter storms sweeping across Texas. Electricity prices in the state soared last week as utilities scrambled to meet a surge in heating demand during the historic winter storm. On Monday, Just Energy, whose units Amigo Energy and Tara Energy also operate in Texas, forecast a $250 million loss from the storms and said it was talking with key stakeholders to address liquidity issues.
(Bloomberg) -- The Texas power crisis is threatening to spark a new wave of distress in the Lone Star State, following a going concern warning from Just Energy Group Inc.“The Texas power loss will have a significant impact on businesses that haven’t been able to restore power and can be devastating to companies that were already in a crisis scenario,” bankruptcy lawyer George Angelich of Arent Fox said in an interview.Canadian energy retailer Just Energy on Monday said it may have trouble continuing as a going concern after last week’s freezing weather cost it about $250 million.Extreme gyrations in regional U.S. gas and electricity prices because of the cold weather in Texas also affected the finances of other companies. Atmos Energy Corp., one of the largest independent suppliers of gas in the U.S., revealed Friday that it’s looking to raise cash after committing to spend as much as $3.5 billion to secure fuel during the freeze.Small Is BeautifulIn court, more companies are using new legal strategy to zip through bankruptcy without many of the headaches and costs of Chapter 11.Solstice Marketing Concepts LLC, the self-proclaimed second-biggest retailer of sunglasses in the U.S., filed for Chapter 11 bankruptcy under Subchapter V. The new subchapter, introduced in February 2020, shortens timelines and eliminates creditors’ committees for companies with less than $7.5 million of debt.“This is kind of a new phenomenon,” said bankruptcy attorney Joseph Pack of Pack Law. The process allows investors to “flush the debt of their portfolio company in a bankruptcy proceeding and still keep the company,” he said. An entity’s total assets don’t impact its ability to utilize Subchapter V -- only its debts, Pack said.Equity owners usually lose their stake in a bankrupt business during a Chapter 11. Pack expects more Subchapter V filings from bigger firms as attorneys become familiar with the process.Solstice was one of more than 1,500 Subchapter V bankruptcies filed since the law took effect, according to data compiled by the American Bankruptcy Institute. Greylock Capital, the emerging markets hedge fund, is also using Subchapter V to ditch a costly lease.Retail SadnessSolstice’s filing further underscores the pain in retail. Beauty products seller L’Occitane Inc. also filed for bankruptcy last month, along with women’s clothing retailer Christopher & Banks and Stock+Field -- a farm, home and outdoor goods chain.“Unless landlords and retailers are able to come to an out-of-court resolution of lease disputes, you will continue to see retailers file. We’re far from out of the woods,” said Arent Fox’s Angelich.Unsuccessful or non-existent online presence is a reason why many retailers file for bankruptcy, said Alex Mehr, co-founder and chief executive officer of Retail Ecommerce Ventures. His firm invests in distressed retailers and often buys brands through Chapter 11.Retailers will continue to go bankrupt as long as they face “huge fixed costs and dwindling revenue,” Mehr said. “Add a pandemic on top, and bankruptcy is inescapable.”The Federal Reserve sounded the alarm on potential business bankruptcies and steep drops in commercial real estate prices in a report Friday. It noted that “insolvency risks at small and medium-sized firms, as well as at some large firms, remain considerable.”Less DistressThe amount of traded distressed bonds and loans fell to about $110 billion as of Feb. 19, down 8.1% week-on-week. Troubled bonds fell by 6.9% while distressed loans dropped 12.4% in the latest week. Chesapeake Energy Corp.’s exit from bankruptcy removed a swath of debt from the total.Click here for a worksheet of distressed bonds and loansThere were 286 distressed bonds from 149 issuers trading as of Monday, according to Trace data. That’s down from 319 bonds and 161 borrowers one week earlier, but well below the 1,896 bonds at the March 23 peak.Diamond Sports Group LLC had the most distressed debt of issuers that hadn’t filed for bankruptcy as of Feb. 19, Bloomberg data show.Click here for more news on distressed debt and bankruptcy. First Word is curated by Bloomberg editors to give you actionable news from Bloomberg and select sources, including Dow Jones and Twitter. First Word can be customized to your Worksheet, sectors, geography or other criteria by clicking into Actions on the toolbar or hitting the HELP key for assistance.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Just Energy, Amigo Energy and Tara Energy Residential Customers Will See No Change to Their Electricity Rates on February Bills TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (TSX:JE; NYSE:JE) (“Just Energy” or the “Company”), a retail energy provider specializing in electricity and natural gas commodities, renewable energy options and carbon offsets, today made the following statement to reassure its residential customers in Texas that they are protected from higher energy rates on their February bills as a result of recent extreme weather (the “Weather Event”): “Whether customers know us as Just Energy, Amigo Energy or Tara Energy, we have been a proud part of Texas communities for many years, providing residential energy to hundreds of thousands of customers across the state,” said Scott Gahn, Just Energy’s President and Chief Executive Officer. “Just Energy, Amigo Energy and Tara Energy have supported Texans through multiple natural disasters, and we are committed to doing all we can to be there for our customers in this extraordinary time.” If you have a residential fixed rate plan, you can rest assured that your energy rate is locked in for the duration of your contracted term. Variable rate (month-to-month) residential customers will also not see a rate increase on their February bill. However, your total energy cost for the month of February may be impacted by higher usage due to the Weather Event. Just Energy has set up dedicated web pages for customers, where you will find the most up to date information possible, including answers to frequently asked questions and information on payment assistance programs. You will also find contact information if you have questions or wish to lock in a fixed electricity rate. See: https://justenergy.com/texaswinteremergency/, https://amigoenergy.com/texaswinteremergency/, or https://taraenergy.com/texaswinteremergency/, as applicable. “Our number one priority right now is the wellbeing of our customers, our employees, and all Texans,” Mr. Gahn added. “As a Houston resident, I have seen the people of Texas pull together time and again to get through difficult times, and I know this will be no different. From all of us at Just Energy Group, please be safe and look after one another.” ABOUT JUST ENERGY Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and terrapass. Visit https://investors.justenergy.com/ to learn more. Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein. Source: Just Energy Group Inc. CONTACT: firstname.lastname@example.org