Planet Energy (Ontario) Corp. and Planet Energy (B.C.) Corp., NOI

Planet Energy (Ontario) Corp. and Planet Energy (B.C.) Corp. (collectively “Planet Energy”), which provides fixed price electricity and gas plans to residential and commercial customers across Canada but primarily in Ontario, filed an NOI on May 11, citing over $39MM in debt. Planet Energy has been involved in arbitration with All Communications Network of Canada (“ACN”), which Planet Energy engaged to market its products to potential customers, since April 2018. In February 2021, the arbitrator released her decision ordering Planet Energy to pay approximately $29MM to ACN. On April 7, 2023, the Ontario Superior Court of Justice granted an application by ACN to enforce the arbitral award, and this decision was affirmed by the Ontario Court of Appeal on May 8, 2023. Following the filing of the NOIs, on May 16, ACN brought a receivership application which is scheduled to be heard on June 5. ACN is seeking the appointment of a receiver because it states that, among other things, Planet Energy is currently unhedged with respect to its electricity supply, putting Planet Energy’s cash, business and overall value at risk to increases in electricity prices. Stikeman Elliott is counsel for Planet Energy. Richter is the Proposal Trustee, represented by Chaitons. KSV is the proposed receiver, represented by DLA Piper.

Planet Energy was placed in interim receivership on June 8.

By: Dina Milivojevic