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Quebec declares Northvolt Batteries insolvent, seeks to recover $260M loan after funding loss.
Quebec's provincial government has declared Northvolt Batteries North America insolvent, aiming to recover a $260 million loan with interest.
The company, planning an electric-vehicle battery plant near Montreal, had all its employees laid off after losing provincial funding support.
Quebec already recovered nearly $200 million from the company’s frozen bank accounts.
The court placed Northvolt under creditor protection, allowing it to rehire 15 employees to maintain the site.
The provincial government had invested $270 million in Northvolt’s parent company, which declared bankruptcy earlier this year.
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Quebec declara la insolvencia de Northvolt Batteries, busca recuperar un préstamo de $ 260 millones después de la pérdida de financiamiento.