Pimco Gets Burned as Just Energy Craters After Texas Loss
- Canada firm issues going-concern warning on $250 million hit
- Company will likely require capital injection, CIBC says
Photographer: Matthew Busch/Bloomberg
This article is for subscribers only.
Canadian energy retailer Just Energy Group Inc. revealed a big loss from the Texas crisis and said it may have trouble continuing as a going concern after last week’s freezing weather cost it about $250 million.
Just Energy plunged 31% to $3.96 in New York. The decline hit big-name investors including Pacific Investment Management Co., the largest shareholder with a 28.9% stake acquired during a recapitalization last year. Great Pacific Capital Corp., an investment company controlled by Vancouver billionaire Jim Pattison, owns 1.5%, according to data compiled by Bloomberg.