Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 23

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 23
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 of its property (including property that constitutes collateral), subject to court oversight,
even though it may be in default under the applicable debt instrument or security document during the applicable proceedings and notwithstanding
the ability of its creditors to enforce their rights upon such default are impaired, delayed, stayed, compromised, or otherwise restricted,.
In addition, it may be possible to restructure certain debt obligations, including Guarantees, under the applicable governing federal
or provincial corporate statute without commencing formal insolvency proceedings.

In this regard, any approval
threshold requirements provided in the Indenture governing the Notes for modification of certain rights of the holders of Notes may be
disregarded in a restructuring of Emera’s debt under applicable law or the order or decree of a court having jurisdiction. In an
insolvency, bankruptcy corporate arrangement in respect of a compromise of the debt of the debtors or similar proceeding, the applicable
statute or the court will establish the approval threshold. The approval threshold requirements under the Indenture governing the Notes
may also be disregarded in a restructuring by way of a court approved arrangement under a Canadian corporate statute. Stays of proceedings
have also been granted in connection with these corporate debt restructurings.

The powers of the court under
Canadian insolvency laws, and particularly the Companies’ Creditors Arrangement Act (Canada), have been interpreted and exercised
broadly and remedially so as to preserve the enterprise value of a restructuring entity and protect such entity and its assets from actions
taken by creditors and other parties. Accordingly, the Issuer cannot predict whether payments under the Notes or the Guarantees thereof
would be made during any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt of the debtors or other
restructuring proceedings, whether (and to what extent) or when the Trustee could exercise its rights under the Indenture governing the
Notes or the Guarantees during any such proceedings, or whether (and to what extent) holders of the Notes would be compensated for any
delays in payment of principal, interest and costs, including the fees and

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disbursements of the Trustee.
Accordingly, if Emera were to become subject to any bankruptcy, insolvency, corporate arrangement in respect of a compromise of the debt
of the debtors or other restructuring proceedings, Emera may cease making payments on the Guarantees and the Trustee may not be able to
exercise its