Just Energy files for creditor protection in Canada, plans Chapter 15 in U.S.

• Just Energy (JE) says it is restructuring under the Companies' Creditors Arrangement Act in Canada and will seek similar creditor protection under Chapter 15 bankruptcy in the U.S.
• The company also reached an agreement with one of its term loan lenders for a $125M debtor-in-possession financing to meet its regulatory obligations in North America, including payments required by the Texas grid operator ERCOT.
• The filings are the result of last month's unprecedented cold weather in Texas and corresponding charges from ERCOT currently totaling more than $250M that must be paid in the near term.
• Just Energy raised doubts last month about its ability to continue as a going concern.