Just Energy Group Inc. (NYSE: JE) shares went up 3.57% as it gains +0.01 on Monday. A retail energy provider has announced that it is planning to close the previously announced plan of arrangement of the company, but the company is one step away to proceed with its plan. It is waiting for the approval of the Federal Energy Regulatory Commission (FRC).
Earlier, the company has received the permission of all the stakeholders of the company and got the final court order from the Ontario Superior Court of Justice. Now the company can proceed with the Plan of Arrangement now.
Just Energy Group Inc. believes that after executing this recapitalization plan, the company will be able to continue its operation as an independent company. The recapitalization plan will lead the company to sustainable growth.
Shares of Just Energy Group (NYSE: JE) traded up 3.57% at $0.30 during the trading session of Friday. It has a 52-weeks low and high range of $0.24 and $93.72, respectively. Just Energy Group has moved up 23.17% from its 52-weeks low and traded down -99.68% from its 52-weeks high. This company had a trading volume of 8.73 million as compared to the average volume of 1.56 million.
The recapitalization plan includes converting about $320 million in convertible debt and preferred shares into equity, a new $75 million equity investment, and the extension of the due date for about $410 million in debt and credit facilities. The company has also disclosed that it will continue its operations normally for its suppliers, employees, and customers.