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On August 7, 2025, Li-Cycle Holdings Corp. (“Li-Cycle”) announced the completion of the sale of certain of its subsidiaries and assets (collectively, the “Li-Cycle Group”) to an affiliate of Glencore Canada Corporation (“Glencore”), Li-Cycle’s largest secured creditor, by way of credit bid and assumption of certain indebtedness.
The transaction was a part of a court-supervised sale and investment solicitation process (the “SISP”) announced on May 14, 2025, when the Li-Cycle Group sought and obtained an order from the Ontario Superior Court of Justice (the “Court”) for creditor protection under Canada’s Companies' Creditors Arrangement Act (the "CCAA"). Alvarez & Marsal Canada Inc. was appointed as monitor during the proceedings.
Torys acted as counsel to Glencore with a team led by Scott Bomhof and included David Bish and Mike Noel (restructuring), John Emanoilidis, Kendall Grant, Adam Ibrahim, Jordan Wright and Shefali Sood (corporate/M&A), Amanda Balasubramanian, Adrienne Love and Ben Pan (lending), Omar Wakil and Ian Li (competition), Tom Stevenson and Parker Baglole (employment), Richard Johnson, Ian Farndon and Louis Caramanna (tax).
Parties
Company
Li-Cycle Holdings Corp.
Company
Glencore Canada Corporation
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
Undisclosed/ConfidentialDeal Status
ClosedClosing Date
07 August 2025