Overview

• Quebec Superior Court Justice Janet Michelin granted creditor protection to Northvolt Batteries North America at the province’s request.
• Officials say nearly $200 million was recouped from frozen company accounts following the Swedish parent’s March bankruptcy.
• Quebec is seeking to recover a $240 million land loan, now about $260 million with interest, and is asking the court to authorize a sale or repossession of the property.
• The government halted further funding after a Sept. 1 deadline passed without binding offers from buyers or investors for the failed megafactory plan near Montreal.
• The project never advanced beyond site preparation; Northvolt laid off its workforce, with about 15 employees permitted to be rehired to maintain the site, and the province has already written off a separate $270 million investment in the parent company.