Toronto-based lithium battery recycling firm Li-Cycle said on Wednesday that it has filed for bankruptcy protection in Canada and expects to start a formal sale for its business or assets.
The firm’s U.S. units have also commenced proceedings in the U.S. Bankruptcy Court for the Southern District of New York.
Li-Cycle has entered into a $10.5-million debtor-in-possession financing and a stalking horse credit bid for at least $40-million with London-listed Glencore, its largest secured creditor.
