US EditionLithium battery recycling firm Li-Cycle files for bankruptcy protection in Canada
- Li-Cycle, a lithium-ion battery recycling company headquartered in Toronto, filed for creditor protection in Canada and initiated parallel bankruptcy proceedings in the United States on May 14, 2025.
- Li-Cycle faced rising construction costs, technical problems, and financial difficulties that led to its need for creditor protection and restructuring under the Companies' Creditors Arrangement Act.
- The company secured a $10.5 million debtor-in-possession financing facility from Glencore, its largest secured creditor, which has also committed to serving as the stalking horse bidder with a credit bid valued at no less than $40 million for selected subsidiaries and assets.
- Li-Cycle intends to conduct a judicially overseen process to sell assets and seek new investments, focusing on sustaining operations at key locations such as its Germany Spoke, while gradually closing certain subsidiaries across Europe and Asia.
- The bankruptcy filings and ongoing restructuring imply substantial uncertainty about Li-Cycle’s future operations and financial stability despite efforts to reduce costs and seek strategic alternatives.
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