Quebec Court Declares Northvolt Financially Bankrupt, Recovering Approximately $200 Million, According to CBC
Canada's industry minister, Francois-Philippe Champagne, has been in talks to find a buyer for Northvolt's battery plant in Quebec, following the Swedish company's collapse in March. However, the details of these talks remain unclear.
Northvolt, which filed for bankruptcy with $8 billion in debt, has seen its planned electric-vehicle battery plant on Montreal's South Shore lose key investor support, orders, and missed production targets, leading to its eventual collapse.
The Quebec Superior Court has declared Northvolt Batteries North America insolvent, and Justice Janet Michelin has placed the company under creditor protection. This decision allows for the rehiring of approximately 15 employees to maintain the site where the factory was to be built, but the roles and specific duties of these employees remain undisclosed.
The provincial government seeks to recover $260 million from Northvolt, with earlier reports suggesting nearly $200 million could be recovered from frozen Northvolt accounts. The government has also withdrawn from the Northvolt battery factory project, writing off its 270 million CAD investment.
The US company Lyten has shown interest in acquiring the Quebec site, but the takeover negotiations are ongoing and not yet finalized. Northvolt Batteries North America, however, claims it still has significant resources to resume the project.
It is important to note that the report, by CBC, is not yet verified by Reuters. Northvolt did not immediately respond to a Reuters request for comment. The report does not provide any new information about the reasons for Northvolt's collapse, potential buyers for the Quebec plant, or any new orders, key investor support, or production targets for Northvolt.
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