Canadian battery recycler Li-Cycle has received bankruptcy protection in Canada and the US as it continues seeking buyers for its assets.
Li-Cycle obtained bankruptcy protection under Canada's Companies' Creditors Arrangement Act and Chapter 15 of the US Bankruptcy Code, the company said on 14 May.
It plans to conduct a court-supervised sale and investment solicitation process as the company continues efforts to find a buyer for its assets.
Li-Cycle in April announced it was considering [a sale to Glencore]( https://metals.argusmedia.com/newsandanalysis/article/2673815), its largest secured creditor, amid ongoing liquidity challenges.
Li-Cycle secured interim financing through a $10.5mn credit facility from Glencore to support ongoing operations and restructuring efforts.
Additionally, Glencore agreed to serve as the stalking horse bidder in a proposed $40mn credit bid for key assets and subsidiaries, subject to court approval.
