(Bloomberg) -- Just Energy Group Inc. filed for court protection in Canada and the U.S. after revealing a big loss from the Texas power crisis.

The Canadian retail energy seller, which specializes in electricity and natural gas, only recently emerged from a recapitalization plan and a board shakeup after concluding a strategic review to remain independent. Pacific Investment Management Co. is the largest shareholder with 28.9%, according to data compiled by Bloomberg.

Just Energy requested court protection through the Companies’ Creditors Arrangement Act in Canada, and is seeking similar protection under Chapter 15 of the U.S Bankruptcy Code. FTI Consulting Inc. was appointed as the monitor in the Canadian proceedings.

The company has arranged a $125 million debtor-in-possession loan with one of its term loan lenders, it said in a statement.

Amid high debt levels and looming maturities, the company completed a recapitalization plan last year which included a new equity commitment of C$100 million ($79 million) and converting C$420 million of preferred shares and convertible debentures into new equity. The company said at the time that the move would reduce overall debt by about C$275 million.

In February, the Mississauga, Ontario-based company said it couldn’t finalize earnings for the calendar fourth quarter, which is its fiscal third quarter, while it reviewed the impact of the Texas crisis, during which market prices for electricity soared to $9,000 a megawatt-hour.

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