Latest news with #SISP
Yahoo
15-05-2025
- Business
- Yahoo
Li-Cycle Obtains Creditor Protection Under CCAA and Chapter 15
Company enters into $10.5 million debtor-in-possession financing facility ("DIP Facility") term sheet with Glencore Li-Cycle and Glencore agree to "stalking horse" credit bid of at least $40 million for certain of the Company's subsidiaries and assets, and assumption of certain liabilities Li-Cycle expects to commence a formal sale and investment solicitation process ("SISP"), which is a continuation of its efforts to seek buyers for its business or assets TORONTO, May 15, 2025--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (OTCQX: LICYF) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, today announced that the Company and its subsidiaries in North America (collectively, the "Li-Cycle Group") have sought and obtained from the Ontario Superior Court of Justice (the "Court") an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). As part of the Initial Order, the Court ordered, among other things, a stay of proceedings in favor of the Li-Cycle Group for an initial period to and including May 22, 2025 (the "Stay Period") and the appointment of Alvarez & Marsal Canada Inc. as monitor of the Li-Cycle Group during the CCAA proceedings (in such capacity, the "Monitor") to assist the Company with its restructuring efforts and to report to the Court. The Company's U.S. subsidiaries (including Li-Cycle Inc., which owns the Company's Spokes in Arizona, Alabama and New York, and Li-Cycle North America Hub, Inc., which owns the Company's Rochester Hub project) have commenced proceedings before the United States Bankruptcy Court for the Southern District of New York (the "U.S. Bankruptcy Court") under Chapter 15 of the U.S. Bankruptcy Code ("Chapter 15 Proceedings") for recognition of the CCAA proceedings as a "foreign main proceeding." The U.S. Bankruptcy Court has imposed a broad stay, for the benefit of the Company's U.S. subsidiaries, barring the commencement of legal action, the enforcement of remedies, any act to obtain possession of their property in the United States or to exercise control over such property, and other similar conduct. As part of the CCAA proceedings, the Li-Cycle Group expects to conduct a court-supervised sale and investment solicitation process (the "SISP"), which will be a continuation of its previously disclosed efforts to seek buyers for its business or its assets. The Li-Cycle Group has entered into a term sheet with an affiliate of Glencore Canada Corporation ("Glencore"), the Company's largest secured creditor, for a DIP Facility. The DIP Facility consists of a credit facility of up to a maximum principal amount of $10.5 million which is expected to be used to finance Li-Cycle's working capital requirements, including for the continued operation of its Germany Spoke, and to implement the restructuring contemplated in the CCAA proceedings, such as the pursuit of the SISP. The DIP Facility remains subject to approval by the CCAA Court. Additionally, the Li-Cycle Group has entered into an equity and asset "stalking horse" purchase agreement (the "Stalking Horse Agreement") with Glencore. Glencore has agreed to a "stalking horse" credit bid for at least $40 million for certain of Li-Cycle's subsidiaries and assets, including its Arizona Spoke, Alabama Spoke, New York Spoke, Germany Spoke, Rochester Hub project, and its intellectual property, as well as assumption of certain of its liabilities. The Stalking Horse Agreement remains subject to approval by the CCAA Court. The Company's Germany Spoke is expected to have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings. Li-Cycle is undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany. The Company will also be winding down its subsidiaries in Asia. As a result of the CCAA Proceedings, an event of default has occurred under Li-Cycle's loan agreement with the U.S. Department of Energy ("DOE"). Li-Cycle has not drawn down any funds under the DOE loan facility, as the Company has not satisfied the conditions precedent for the first advance. The CCAA Proceedings have also caused an event of default under the Company's convertible notes, which are held by Glencore and Wood River Capital, LLC ("Wood River Capital"). Wood River Capital now would have, in the absence of the stay of proceedings, the right to require the redemption of its convertible notes. The event of default under the Company's convertible notes held by Glencore has resulted in an automatic acceleration such that the principal, interest and any make-whole premium due thereunder have become immediately due and payable. As previously disclosed, the Company has been actively reducing its cost structure and seeking financing and strategic alternatives to fund its business. However, following a thorough review and after careful consideration of all available alternatives and in consultation with legal and financial advisors, the Company's Board of Directors, following receipt of the recommendation of the Company's Special Committee of independent directors, determined that it was in the best interests of the Company to commence the CCAA proceedings, with a view to pursuing the SISP and implementing one or more transactions with respect to its business and assets. The Company's Board of Directors and management will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor during the CCAA proceedings. The Initial Order provides the Company with, among other things, relief from certain reporting obligations under securities legislation. As a result of the commencement of Chapter 15 Proceedings, the Company will no longer qualify to trade on the OTCQX® Best Market and will be moved to the OTC Pink Markets effective May 15, 2025. At the "comeback" hearing before the CCAA Court on May 22, 2025, the Li-Cycle Group intends to seek, among other things, approval of the DIP Facility, the SISP and the Stalking Horse Agreement as a "stalking horse" credit bid in the SISP and an extension of the Stay Period until a subsequent date to be determined. Additional information regarding the CCAA proceedings is available on the Monitor's website at or by calling Alvarez & Marsal at 1-844-864-9548, or by emailing at LiCycle@ Documents relating to the restructuring process such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website. About Li-Cycle Holdings Corp. Li-Cycle (OTCQX: LICYF) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. Forward-Looking StatementsCertain 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 expected court-supervised sale and investment solicitation process; the expected use of the DIP Facility; the expectation that the Company's Germany Spoke will have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings; Li-Cycle undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany; the Company winding down its subsidiaries in Asia; the transfer of the quotation of the Company's common shares to the OTC Pink Markets effective May 15, 2025; the terms of any resulting transactions with any such buyers of Li-Cycle's business or its assets, including the Stalking Horse Agreement with Glencore; and what the Company intends to seek at the "comeback" hearing before the CCAA Court on May 22, 2025, including an extension of the Stay Period until a subsequent date to be determined. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the working capital of the Company's operating businesses in Switzerland and Germany. 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. View source version on Contacts Investors & Media Investors: investors@ Media: media@
Business Wire
15-05-2025
- Business
- Business Wire
Li-Cycle Obtains Creditor Protection Under CCAA and Chapter 15
TORONTO--(BUSINESS WIRE)-- Li-Cycle Holdings Corp. (OTCQX: LICYF) ('Li-Cycle' or the 'Company'), a leading global lithium-ion battery resource recovery company, today announced that the Company and its subsidiaries in North America (collectively, the 'Li-Cycle Group') have sought and obtained from the Ontario Superior Court of Justice (the 'Court') an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). As part of the Initial Order, the Court ordered, among other things, a stay of proceedings in favor of the Li-Cycle Group for an initial period to and including May 22, 2025 (the "Stay Period") and the appointment of Alvarez & Marsal Canada Inc. as monitor of the Li-Cycle Group during the CCAA proceedings (in such capacity, the "Monitor") to assist the Company with its restructuring efforts and to report to the Court. The Company's U.S. subsidiaries (including Li-Cycle Inc., which owns the Company's Spokes in Arizona, Alabama and New York, and Li-Cycle North America Hub, Inc., which owns the Company's Rochester Hub project) have commenced proceedings before the United States Bankruptcy Court for the Southern District of New York (the 'U.S. Bankruptcy Court') under Chapter 15 of the U.S. Bankruptcy Code ('Chapter 15 Proceedings') for recognition of the CCAA proceedings as a 'foreign main proceeding.' The U.S. Bankruptcy Court has imposed a broad stay, for the benefit of the Company's U.S. subsidiaries, barring the commencement of legal action, the enforcement of remedies, any act to obtain possession of their property in the United States or to exercise control over such property, and other similar conduct. As part of the CCAA proceedings, the Li-Cycle Group expects to conduct a court-supervised sale and investment solicitation process (the 'SISP'), which will be a continuation of its previously disclosed efforts to seek buyers for its business or its assets. The Li-Cycle Group has entered into a term sheet with an affiliate of Glencore Canada Corporation ('Glencore'), the Company's largest secured creditor, for a DIP Facility. The DIP Facility consists of a credit facility of up to a maximum principal amount of $10.5 million which is expected to be used to finance Li-Cycle's working capital requirements, including for the continued operation of its Germany Spoke, and to implement the restructuring contemplated in the CCAA proceedings, such as the pursuit of the SISP. The DIP Facility remains subject to approval by the CCAA Court. Additionally, the Li-Cycle Group has entered into an equity and asset 'stalking horse' purchase agreement (the 'Stalking Horse Agreement') with Glencore. Glencore has agreed to a 'stalking horse' credit bid for at least $40 million for certain of Li-Cycle's subsidiaries and assets, including its Arizona Spoke, Alabama Spoke, New York Spoke, Germany Spoke, Rochester Hub project, and its intellectual property, as well as assumption of certain of its liabilities. The Stalking Horse Agreement remains subject to approval by the CCAA Court. The Company's Germany Spoke is expected to have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings. Li-Cycle is undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany. The Company will also be winding down its subsidiaries in Asia. As a result of the CCAA Proceedings, an event of default has occurred under Li-Cycle's loan agreement with the U.S. Department of Energy ('DOE'). Li-Cycle has not drawn down any funds under the DOE loan facility, as the Company has not satisfied the conditions precedent for the first advance. The CCAA Proceedings have also caused an event of default under the Company's convertible notes, which are held by Glencore and Wood River Capital, LLC ('Wood River Capital'). Wood River Capital now would have, in the absence of the stay of proceedings, the right to require the redemption of its convertible notes. The event of default under the Company's convertible notes held by Glencore has resulted in an automatic acceleration such that the principal, interest and any make-whole premium due thereunder have become immediately due and payable. As previously disclosed, the Company has been actively reducing its cost structure and seeking financing and strategic alternatives to fund its business. However, following a thorough review and after careful consideration of all available alternatives and in consultation with legal and financial advisors, the Company's Board of Directors, following receipt of the recommendation of the Company's Special Committee of independent directors, determined that it was in the best interests of the Company to commence the CCAA proceedings, with a view to pursuing the SISP and implementing one or more transactions with respect to its business and assets. The Company's Board of Directors and management will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor during the CCAA proceedings. The Initial Order provides the Company with, among other things, relief from certain reporting obligations under securities legislation. As a result of the commencement of Chapter 15 Proceedings, the Company will no longer qualify to trade on the OTCQX® Best Market and will be moved to the OTC Pink Markets effective May 15, 2025. At the 'comeback' hearing before the CCAA Court on May 22, 2025, the Li-Cycle Group intends to seek, among other things, approval of the DIP Facility, the SISP and the Stalking Horse Agreement as a 'stalking horse' credit bid in the SISP and an extension of the Stay Period until a subsequent date to be determined. Additional information regarding the CCAA proceedings is available on the Monitor's website at or by calling Alvarez & Marsal at 1-844-864-9548, or by emailing at LiCycle@ Documents relating to the restructuring process such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website. About Li-Cycle Holdings Corp. Li-Cycle (OTCQX: LICYF) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. 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 expected court-supervised sale and investment solicitation process; the expected use of the DIP Facility; the expectation that the Company's Germany Spoke will have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings; Li-Cycle undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany; the Company winding down its subsidiaries in Asia; the transfer of the quotation of the Company's common shares to the OTC Pink Markets effective May 15, 2025; the terms of any resulting transactions with any such buyers of Li-Cycle's business or its assets, including the Stalking Horse Agreement with Glencore; and what the Company intends to seek at the 'comeback' hearing before the CCAA Court on May 22, 2025, including an extension of the Stay Period until a subsequent date to be determined. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the working capital of the Company's operating businesses in Switzerland and Germany. 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.
Yahoo
15-05-2025
- Business
- Yahoo
Li-Cycle Obtains Creditor Protection Under CCAA and Chapter 15
Company enters into $10.5 million debtor-in-possession financing facility ("DIP Facility") term sheet with Glencore Li-Cycle and Glencore agree to "stalking horse" credit bid of at least $40 million for certain of the Company's subsidiaries and assets, and assumption of certain liabilities Li-Cycle expects to commence a formal sale and investment solicitation process ("SISP"), which is a continuation of its efforts to seek buyers for its business or assets TORONTO, May 15, 2025--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (OTCQX: LICYF) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, today announced that the Company and its subsidiaries in North America (collectively, the "Li-Cycle Group") have sought and obtained from the Ontario Superior Court of Justice (the "Court") an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). As part of the Initial Order, the Court ordered, among other things, a stay of proceedings in favor of the Li-Cycle Group for an initial period to and including May 22, 2025 (the "Stay Period") and the appointment of Alvarez & Marsal Canada Inc. as monitor of the Li-Cycle Group during the CCAA proceedings (in such capacity, the "Monitor") to assist the Company with its restructuring efforts and to report to the Court. The Company's U.S. subsidiaries (including Li-Cycle Inc., which owns the Company's Spokes in Arizona, Alabama and New York, and Li-Cycle North America Hub, Inc., which owns the Company's Rochester Hub project) have commenced proceedings before the United States Bankruptcy Court for the Southern District of New York (the "U.S. Bankruptcy Court") under Chapter 15 of the U.S. Bankruptcy Code ("Chapter 15 Proceedings") for recognition of the CCAA proceedings as a "foreign main proceeding." The U.S. Bankruptcy Court has imposed a broad stay, for the benefit of the Company's U.S. subsidiaries, barring the commencement of legal action, the enforcement of remedies, any act to obtain possession of their property in the United States or to exercise control over such property, and other similar conduct. As part of the CCAA proceedings, the Li-Cycle Group expects to conduct a court-supervised sale and investment solicitation process (the "SISP"), which will be a continuation of its previously disclosed efforts to seek buyers for its business or its assets. The Li-Cycle Group has entered into a term sheet with an affiliate of Glencore Canada Corporation ("Glencore"), the Company's largest secured creditor, for a DIP Facility. The DIP Facility consists of a credit facility of up to a maximum principal amount of $10.5 million which is expected to be used to finance Li-Cycle's working capital requirements, including for the continued operation of its Germany Spoke, and to implement the restructuring contemplated in the CCAA proceedings, such as the pursuit of the SISP. The DIP Facility remains subject to approval by the CCAA Court. Additionally, the Li-Cycle Group has entered into an equity and asset "stalking horse" purchase agreement (the "Stalking Horse Agreement") with Glencore. Glencore has agreed to a "stalking horse" credit bid for at least $40 million for certain of Li-Cycle's subsidiaries and assets, including its Arizona Spoke, Alabama Spoke, New York Spoke, Germany Spoke, Rochester Hub project, and its intellectual property, as well as assumption of certain of its liabilities. The Stalking Horse Agreement remains subject to approval by the CCAA Court. The Company's Germany Spoke is expected to have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings. Li-Cycle is undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany. The Company will also be winding down its subsidiaries in Asia. As a result of the CCAA Proceedings, an event of default has occurred under Li-Cycle's loan agreement with the U.S. Department of Energy ("DOE"). Li-Cycle has not drawn down any funds under the DOE loan facility, as the Company has not satisfied the conditions precedent for the first advance. The CCAA Proceedings have also caused an event of default under the Company's convertible notes, which are held by Glencore and Wood River Capital, LLC ("Wood River Capital"). Wood River Capital now would have, in the absence of the stay of proceedings, the right to require the redemption of its convertible notes. The event of default under the Company's convertible notes held by Glencore has resulted in an automatic acceleration such that the principal, interest and any make-whole premium due thereunder have become immediately due and payable. As previously disclosed, the Company has been actively reducing its cost structure and seeking financing and strategic alternatives to fund its business. However, following a thorough review and after careful consideration of all available alternatives and in consultation with legal and financial advisors, the Company's Board of Directors, following receipt of the recommendation of the Company's Special Committee of independent directors, determined that it was in the best interests of the Company to commence the CCAA proceedings, with a view to pursuing the SISP and implementing one or more transactions with respect to its business and assets. The Company's Board of Directors and management will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor during the CCAA proceedings. The Initial Order provides the Company with, among other things, relief from certain reporting obligations under securities legislation. As a result of the commencement of Chapter 15 Proceedings, the Company will no longer qualify to trade on the OTCQX® Best Market and will be moved to the OTC Pink Markets effective May 15, 2025. At the "comeback" hearing before the CCAA Court on May 22, 2025, the Li-Cycle Group intends to seek, among other things, approval of the DIP Facility, the SISP and the Stalking Horse Agreement as a "stalking horse" credit bid in the SISP and an extension of the Stay Period until a subsequent date to be determined. Additional information regarding the CCAA proceedings is available on the Monitor's website at or by calling Alvarez & Marsal at 1-844-864-9548, or by emailing at LiCycle@ Documents relating to the restructuring process such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website. About Li-Cycle Holdings Corp. Li-Cycle (OTCQX: LICYF) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. Forward-Looking StatementsCertain 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 expected court-supervised sale and investment solicitation process; the expected use of the DIP Facility; the expectation that the Company's Germany Spoke will have sufficient working capital (including through the DIP Facility) to continue operating during the CCAA proceedings; Li-Cycle undertaking efforts to wind down certain of its European subsidiaries, with the exception of its operating businesses in Switzerland and Germany; the Company winding down its subsidiaries in Asia; the transfer of the quotation of the Company's common shares to the OTC Pink Markets effective May 15, 2025; the terms of any resulting transactions with any such buyers of Li-Cycle's business or its assets, including the Stalking Horse Agreement with Glencore; and what the Company intends to seek at the "comeback" hearing before the CCAA Court on May 22, 2025, including an extension of the Stay Period until a subsequent date to be determined. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the working capital of the Company's operating businesses in Switzerland and Germany. 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. View source version on Contacts Investors & Media Investors: investors@ Media: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Pelican Intl Inc. Acquires Assets of Pelican International Inc. and Confluence Outdoor Inc.
Renewed stability and a bold vision for long-term growth for the paddlesport market leader with U.S. and Canadian manufacturing operations. LAVAL, QC, May 12, 2025 /CNW/ - Pelican Intl Inc., a newly formed entity, proudly announces the successful acquisition of the assets, excluding GSI Outdoors, of Pelican International Inc. and Confluence Outdoor Inc. through a court-approved Sale and Investment Solicitation Process (SISP) under the Companies' Creditors Arrangement Act (CCAA) in Canada and Chapter 15 in the United States. This transaction was led by former Pelican President and CEO, Danick Lavoie, along with former executives Frederic Guay and Guy Prenevost. A diverse and experienced group of private investors, represented by Vincent Chiara, President and founder of Mach Capital, Marc Varadi, President of RIMAP Hospitality, Luc Sabbatini, Founder of Ganesh Capital, and Charles Malo, Board member and investor has partnered with management to set Pelican Intl's path for growth, resilience, and success. Today marks a pivotal moment for the paddlesport industry, ensuring the continued legacy and innovation of a world-leading portfolio of brands. The core of the company remains strong, as over 400 passionate and dedicated employees will pave the way for the future. In an effort to further integrate the two companies, Confluence Outdoor Inc. will now operate as Pelican Intl USA Inc., unifying North American operations. This change will provide a clear path for the legacy paddlesport name, Confluence Outdoor, to become our online marketplace and storefront for consumers, as well as the exclusive platform to streamline how we do business with our large retailers and independent dealer network for years to come at A Message to Our Stakeholders To Our Employees: We extend our gratitude to our resilient workforce, whose unwavering dedication sustained high-performing operations despite challenging market conditions, unsustainable debt levels, and complex CCAA proceedings. Your commitment to excellence has preserved our brands' reputation for quality and reliability, laying a strong foundation for our future success. To Our Customers: Your continued support through the restructuring process has been invaluable in making this transaction possible. Pelican Intl Inc. is more committed than ever to delivering unparalleled products, innovation, and value to paddlesport enthusiasts of all levels. With a robust portfolio including Pelican, Wilderness Systems, Dagger, Perception Kayak, Advanced Elements, and Boardworks, we will continue to expand the accessibility of our products across all B2B and B2C channels, while further enhancing the agility and simplicity of our supply chain and the customer experience. To Our Industry: Pelican Intl Inc. is eager to lead the transformation of the paddlesport category, driving innovation and promoting sustained growth in participation. We aim to foster a healthy, collaborative industry capable of disrupting in ways that create value for all brands, so we can continue to invest in new products that inspire adventurers worldwide. To Our Suppliers: We sincerely acknowledge the support of both domestic and international partners who have championed the brands over the years and in recent months through the CCAA process. The newly formed Pelican Intl Inc. is committed to forging renewed partnerships, leveraging our state-of-the-art rotomolding, extrusion, and thermoforming facilities in Québec and Greenville, South Carolina, to deliver exceptional products and support mutual growth. Strategic Vision for Growth Supported by new investors, Pelican Intl Inc. is poised to further consolidate its leadership in the paddlesport sector. The company will actively pursue acquisitions and strategic partnership to strengthen its portfolio, ensuring it remains the global leader in paddlesports. By leveraging all distribution channels, we aim to reach enthusiasts across generations, from beginners to seasoned adventurers. In addition, our advanced manufacturing capabilities in Canada and the United States are well-positioned to support other consumer goods brands and strategic industries requiring large-format, complex equipment and parts. This will be supported by our deep product development and innovation expertise. "This acquisition reflects the enduring strength of our brands, the resilience of our employees, and the loyalty of our retailers. We assembled an exceptional group of investors, and I am deeply grateful for their trust. Their level of commitment to making this complex transaction possible will create a well-capitalized company, preserve Pelican's legacy, and shape a renewed path for the future," said Danick Lavoie, President and CEO of Pelican Intl Inc. "The fundamentals of Pelican are resilient and strong. Over the past decades, Pelican was built with vision and passion, bringing breakthrough product innovation to the market and building solid manufacturing capabilities. In recent years, the company consistently outperformed competitors — even through rapid growth and a sharp market cycle decline. Pelican further solidified its leading position through strategic M&A, distribution channel diversification, and strong operational performance. I am privileged to embark on this unique opportunity to partner with the Pelican Intl team and my new partners to create sustainable growth, transform the paddlesport industry, and leverage our manufacturing capabilities." About Pelican Intl Inc. Headquartered in Laval, Québec, Canada, Pelican Intl Inc. is a global leader in recreational and performance paddlesport equipment and outdoor lifestyle accessories, operating advanced manufacturing facilities in Laval and Salaberry-de-Valleyfield, Québec, Canada, and Greenville, South Carolina. With a portfolio of iconic brands and a commitment to innovation, the company has empowered over six million outdoor enthusiasts worldwide to create lasting memories on the water. Visit for company information, or explore our brands, find a local retailer, or shop on our online marketplace at AdvisorsCain Lamarre acted as legal advisor for the acquisition, while Woods LLP served as legal counsel for matters related to the CCAA proceedings. View original content to download multimedia: SOURCE Pelican International View original content to download multimedia:
Cision Canada
12-05-2025
- Business
- Cision Canada
Pelican Intl Inc. Acquires Assets of Pelican International Inc. and Confluence Outdoor Inc. Français
Renewed stability and a bold vision for long-term growth for the paddlesport market leader with U.S. and Canadian manufacturing operations. LAVAL, QC, May 12, 2025 /CNW/ - Pelican Intl Inc., a newly formed entity, proudly announces the successful acquisition of the assets, excluding GSI Outdoors, of Pelican International Inc. and Confluence Outdoor Inc. through a court-approved Sale and Investment Solicitation Process (SISP) under the Companies' Creditors Arrangement Act (CCAA) in Canada and Chapter 15 in the United States. This transaction was led by former Pelican President and CEO, Danick Lavoie, along with former executives Frederic Guay and Guy Prenevost. A diverse and experienced group of private investors, represented by Vincent Chiara, President and founder of Mach Capital, Marc Varadi, President of RIMAP Hospitality, Luc Sabbatini, Founder of Ganesh Capital, and Charles Malo, Board member and investor has partnered with management to set Pelican Intl's path for growth, resilience, and success. Today marks a pivotal moment for the paddlesport industry, ensuring the continued legacy and innovation of a world-leading portfolio of brands. The core of the company remains strong, as over 400 passionate and dedicated employees will pave the way for the future. In an effort to further integrate the two companies, Confluence Outdoor Inc. will now operate as Pelican Intl USA Inc., unifying North American operations. This change will provide a clear path for the legacy paddlesport name, Confluence Outdoor, to become our online marketplace and storefront for consumers, as well as the exclusive platform to streamline how we do business with our large retailers and independent dealer network for years to come at A Message to Our Stakeholders To Our Employees: We extend our gratitude to our resilient workforce, whose unwavering dedication sustained high-performing operations despite challenging market conditions, unsustainable debt levels, and complex CCAA proceedings. Your commitment to excellence has preserved our brands' reputation for quality and reliability, laying a strong foundation for our future success. To Our Customers: Your continued support through the restructuring process has been invaluable in making this transaction possible. Pelican Intl Inc. is more committed than ever to delivering unparalleled products, innovation, and value to paddlesport enthusiasts of all levels. With a robust portfolio including Pelican, Wilderness Systems, Dagger, Perception Kayak, Advanced Elements, and Boardworks, we will continue to expand the accessibility of our products across all B2B and B2C channels, while further enhancing the agility and simplicity of our supply chain and the customer experience. To Our Industry: Pelican Intl Inc. is eager to lead the transformation of the paddlesport category, driving innovation and promoting sustained growth in participation. We aim to foster a healthy, collaborative industry capable of disrupting in ways that create value for all brands, so we can continue to invest in new products that inspire adventurers worldwide. To Our Suppliers: We sincerely acknowledge the support of both domestic and international partners who have championed the brands over the years and in recent months through the CCAA process. The newly formed Pelican Intl Inc. is committed to forging renewed partnerships, leveraging our state-of-the-art rotomolding, extrusion, and thermoforming facilities in Québec and Greenville, South Carolina, to deliver exceptional products and support mutual growth. Strategic Vision for Growth Supported by new investors, Pelican Intl Inc. is poised to further consolidate its leadership in the paddlesport sector. The company will actively pursue acquisitions and strategic partnership to strengthen its portfolio, ensuring it remains the global leader in paddlesports. By leveraging all distribution channels, we aim to reach enthusiasts across generations, from beginners to seasoned adventurers. In addition, our advanced manufacturing capabilities in Canada and the United States are well-positioned to support other consumer goods brands and strategic industries requiring large-format, complex equipment and parts. This will be supported by our deep product development and innovation expertise. "This acquisition reflects the enduring strength of our brands, the resilience of our employees, and the loyalty of our retailers. We assembled an exceptional group of investors, and I am deeply grateful for their trust. Their level of commitment to making this complex transaction possible will create a well-capitalized company, preserve Pelican's legacy, and shape a renewed path for the future," said Danick Lavoie, President and CEO of Pelican Intl Inc. "The fundamentals of Pelican are resilient and strong. Over the past decades, Pelican was built with vision and passion, bringing breakthrough product innovation to the market and building solid manufacturing capabilities. In recent years, the company consistently outperformed competitors — even through rapid growth and a sharp market cycle decline. Pelican further solidified its leading position through strategic M&A, distribution channel diversification, and strong operational performance. I am privileged to embark on this unique opportunity to partner with the Pelican Intl team and my new partners to create sustainable growth, transform the paddlesport industry, and leverage our manufacturing capabilities." About Pelican Intl Inc. Headquartered in Laval, Québec, Canada, Pelican Intl Inc. is a global leader in recreational and performance paddlesport equipment and outdoor lifestyle accessories, operating advanced manufacturing facilities in Laval and Salaberry-de-Valleyfield, Québec, Canada, and Greenville, South Carolina. With a portfolio of iconic brands and a commitment to innovation, the company has empowered over six million outdoor enthusiasts worldwide to create lasting memories on the water. Advisors Cain Lamarre acted as legal advisor for the acquisition, while Woods LLP served as legal counsel for matters related to the CCAA proceedings.
