Latest news with #CCAA
National Post
3 days ago
- Business
- National Post
Li-Cycle Completes Sale of Certain of its Subsidiaries and Assets to Glencore
Article content Sale includes Spokes in Germany, Arizona, Alabama, New York and Ontario, Rochester Hub project, intellectual property portfolio, and assumption of certain liabilities Article content Successful credit bid concludes Li-Cycle's court approved sale and investment solicitation process Article content Article content TORONTO — Li-Cycle Holdings Corp. ('Li-Cycle' or the 'Company') is pleased to announce the completion of the sale of certain of its subsidiaries and assets to an affiliate of Glencore Canada Corporation ('Glencore'), the Company's largest secured creditor, by way of credit bid and assumption of certain indebtedness. Article content The sale includes Li-Cycle's Germany, Arizona, Alabama, New York, and Ontario Spokes; its Rochester Hub project; and its intellectual property portfolio. Glencore has also assumed certain of Li-Cycle's liabilities. Glencore's successful credit bid concludes Li-Cycle's court-approved sale and investment solicitation process. The remaining Li-Cycle entities are either being wound-up under their corporate statutes or remain in creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) ('CCAA') and Chapter 15 of the U.S. Bankruptcy Code at this time. More information regarding Li-Cycle's CCAA and Chapter 15 proceedings can be found at Forward-Looking Statements Article content Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about the remaining Li-Cycle entities either being wound-up or remaining in creditor protection: These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's liquidity and financial condition. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. Article content These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Article content Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled 'Part I – Item 1A. Risk Factors' and 'Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Article content Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this press release. Article content Article content Article content Article content
Business Wire
3 days ago
- Business
- Business Wire
Li-Cycle Completes Sale of Certain of its Subsidiaries and Assets to Glencore
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. ('Li-Cycle' or the 'Company') is pleased to announce the completion of the sale of certain of its subsidiaries and assets to an affiliate of Glencore Canada Corporation ('Glencore'), the Company's largest secured creditor, by way of credit bid and assumption of certain indebtedness. The sale includes Li-Cycle's Germany, Arizona, Alabama, New York, and Ontario Spokes; its Rochester Hub project; and its intellectual property portfolio. Glencore has also assumed certain of Li-Cycle's liabilities. Glencore's successful credit bid concludes Li-Cycle's court-approved sale and investment solicitation process. The remaining Li-Cycle entities are either being wound-up under their corporate statutes or remain in creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") and Chapter 15 of the U.S. Bankruptcy Code at this time. More information regarding Li-Cycle's CCAA and Chapter 15 proceedings can be found at Forward-Looking Statements Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about the remaining Li-Cycle entities either being wound-up or remaining in creditor protection: These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's liquidity and financial condition. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled "Part I - Item 1A. Risk Factors" and 'Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this press release.
CTV News
08-07-2025
- Business
- CTV News
Hudson's Bay lender fighting retailer's Ruby Liu deal, seeking ‘super monitor': docs
Hudson's Bay signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — One of Hudson's Bay's biggest lenders is asking a court to stop the defunct retailer from selling up to 25 of its leases to a B.C. billionaire and appoint a 'super monitor' to more speedily liquidate the remainder of its assets. A new court motion filed by investment manager Restore Capital LLC says the deal the Bay reached with Ruby Liu should be terminated because trying to get landlord approvals to transfer the leases has been costly and fruitless. Liu signed two deals with the Bay in May. The court last month approved the $6 million sale of three leases for stores at B.C. malls she owned. The second deal was for up to 25 more leases in Alberta, B.C. and Ontario. Landlords at the properties have overwhelmingly opposed taking on Liu as a tenant because they say she has not provided them with a practical business plan. Restore's motion says the Bay has 'frittered away' its collateral because the retailer has incurred exorbitant rent costs and professional fees in its efforts to get landlords on board but has yet to secure support or seek court approval. Restore wants the court to expand the powers of a monitor appointed to guide the Bay through CCAA, so the company can be wound down. If the court doesn't agree to a 'super monitor' arrangement, it suggests appointing Richter Consulting Inc. as a receiver. This report by The Canadian Press was first published July 9, 2025 Tara Deschamps, The Canadian Press
Calgary Herald
04-07-2025
- Business
- Calgary Herald
Big box stores learning to survive with financial restructuring
Leaving a giant vacant space on the side of a mall or shopping centre is noticeable when a big box store falters. But just because a store missteps, doesn't mean it's doomed. Article content Over the years, Canada has seen some big stores go bankrupt like Sears, Eaton's and Woolworth's. Nordstrom, Oak + Fort, and more recently Hudson's Bay, have also found themselves in financial hot water, but through financial restructuring managed to avoid the fate of big box stores that came before them. Article content Article content There's four different 'difficult' scenarios that companies can find themselves in when it comes to insolvency, according to David Lewis, partner and senior vice-president in financial advisory services with BDO Edmonton. However, the benefit of one of those options, the Canadian Companies Arrangement Act (CCAA), is that the companies can live another day. Article content Article content 'The purpose of the CCAA in Canada is to restructure a business so it can continue on. Recently, what we've been seeing is it being used as winding up corporations due to large debt and multiple stakeholders having multiple different claims,' said Lewis. Article content It takes a lot to make a big box store work, and there's no shortage of moving parts. Whether it's employees spread out across the country, giant properties, or mountains of inventory that must be distributed throughout the country (and in some stores has products attached to specific seasons), there's plenty of concerns to keep track of in the giant retail machine. Lewis highlighted a few reasons why big businesses might need to speak with an insolvency trustee like him. Article content Article content 'Fraud is one of them,' Lewis said, adding that there's been recent trouble in the trucking industry related to it. Another is the 'big project,' which some companies either start or plan, hoping it will fix all its problems. Article content But the most common issue is money. Article content 'Working capital is probably the largest challenge that most businesses face. Especially smaller ones, trying to time your payments from your customers, and then your payments to your various vendors, can always be a challenge, especially in this time where we have tariff uncertainty and inflation,' he said. Article content As large retail stores seem to be increasingly struck with financial troubles, you might think it's a reflection of shifting consumer preferences. Although preferences have certainly shifted more online, John Pracejus. director of the School of Retailing and associate professor of marketing at the University of Alberta School of Business, clarified that consumer preference hasn't moved completely away from the brick and mortar stores, they're just opting for better experiences.
Edmonton Journal
04-07-2025
- Business
- Edmonton Journal
Big box stores learning to survive with financial restructuring
Article content Leaving a giant vacant space on the side of a mall or shopping centre is noticeable when a big box store falters. But just because a store missteps, doesn't mean it's doomed. Article content Over the years, Canada has seen some big stores go bankrupt like Sears, Eaton's and Woolworth's. Nordstrom, Oak + Fort, and more recently Hudson's Bay, have also found themselves in financial hot water, but through financial restructuring managed to avoid the fate of big box stores that came before them. Article content Article content There's four different 'difficult' scenarios that companies can find themselves in when it comes to insolvency, according to David Lewis, partner and senior vice-president in financial advisory services with BDO Edmonton. However, the benefit of one of those options, the Canadian Companies Arrangement Act (CCAA), is that the companies can live another day. Article content Article content 'The purpose of the CCAA in Canada is to restructure a business so it can continue on. Recently, what we've been seeing is it being used as winding up corporations due to large debt and multiple stakeholders having multiple different claims,' said Lewis. Article content It takes a lot to make a big box store work, and there's no shortage of moving parts. Whether it's employees spread out across the country, giant properties, or mountains of inventory that must be distributed throughout the country (and in some stores has products attached to specific seasons), there's plenty of concerns to keep track of in the giant retail machine. Lewis highlighted a few reasons why big businesses might need to speak with an insolvency trustee like him. Article content Article content 'Fraud is one of them,' Lewis said, adding that there's been recent trouble in the trucking industry related to it. Another is the 'big project,' which some companies either start or plan, hoping it will fix all its problems. Article content But the most common issue is money. Article content 'Working capital is probably the largest challenge that most businesses face. Especially smaller ones, trying to time your payments from your customers, and then your payments to your various vendors, can always be a challenge, especially in this time where we have tariff uncertainty and inflation,' he said. Article content As large retail stores seem to be increasingly struck with financial troubles, you might think it's a reflection of shifting consumer preferences. Although preferences have certainly shifted more online, John Pracejus. director of the School of Retailing and associate professor of marketing at the University of Alberta School of Business, clarified that consumer preference hasn't moved completely away from the brick and mortar stores, they're just opting for better experiences.
