AMERICAS DISTRESS DAILY: Quebec Abandons Northvolt Battery Plant

Quebec has ended its funding for Northvolt’s Canadian electric vehicle battery plant due to the company’s bankruptcy and lack of a satisfactory plan. This decision comes after Lyten Inc. acquired Northvolt’s European assets at a significant discount.

• Canadian pension funds, including the Ontario Municipal Employees Retirement System and the Caisse de Depot et Placement du Quebec, have lost money due to Northvolt’s bankruptcy.
• The Quebec government will recover a senior secured loan tied to the land acquired for the battery plant, totaling C$260 million with interest and fees.

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