Li-Cycle, Glencore Agree to Stalking Horse Pact, DIP Facility

The group’s US subsidiaries including Li-Cycle Inc. and Li-Cycle North America Hub, Inc. have commenced Chapter 15 proceedings under the Southern District of New York.

• Group has entered into a term sheet with an affiliate of Glencore Canada Corporation for a debtor-in-possession financing facility
  • Maximum principal amount of $10.5 million will be used to finance working capital requirements, and to implement restructuring
  • DIP facility remains subject to approval by Canada court
• Group also entered into an equity and asset stalking horse purchase agreement with Glencore of at least $40 million for certain subsidiaries and assets
  • Includes Arizona Spoke, Alabama Spoke, ...