Recycler Li-Cycle Files For Bankruptcy With Glencore Deal (1)

Li-Cycle, a lithium-ion battery recycler, has filed for bankruptcy in Canada after facing a liquidity crunch caused by the rising cost of building a new battery-processing facility.

The Toronto-based company said it filed for bankruptcy protection in an Ontario court, and its US subsidiaries are seeking protection in New York through a Chapter 15 cross-border insolvency, according to a late Wednesday statement.

An affiliate of commodities giant Glencore Plc, the company’s only secured lender, has agreed to be the stalking horse bidder for at least $40 million of Li-Cycle assets, including facilities in Arizona, New York, and ...