US EditionQuebec government says it has recovered $200 million from Northvolt loan
Quebec recovered $199 million from Northvolt's frozen accounts after the parent company's bankruptcy and seeks court authorization to repossess land for a stalled battery factory project.
- The Quebec government has recovered nearly $200 million from its loan to Northvolt, as the money came from frozen bank accounts after Northvolt's Swedish parent company declared bankruptcy in March.
- Quebec has ended its partnership with Northvolt and is seeking to recover a $240 million loan for land purchased for a battery plant.
- The provincial government has lost a $270 million investment in Northvolt and is trying to recoup the loan amount plus $20 million in interest.
- Quebec's economy minister confirmed the recovery of $199 million from Northvolt, indicating that further amounts might be added to that total.
22 Articles
22 Articles
Bowen Island Undercurrent
Quebec judge declares Northvolt insolvent as province recovers $200 million
MONTREAL — A Quebec Superior Court judge has declared insolvent the North American branch of battery maker Northvolt as the provincial government looks to recover $260 million owed to it by the company.
Quebec Judge Declares Northvolt Insolvent as Province Recovers $200 Million
A Quebec Superior Court judge has declared insolvent the North American branch of battery maker Northvolt as the provincial government looks to recover $260 million owed to it by the company. Justice Janet Michelin on Friday placed Northvolt Batteries North America under creditor protection at the request of the Quebec government. Northvolt laid off its entire workforce on Thursday following Economy Minister Christine Fréchette’s announcement ea…
Quebec recoups just under $200M from Northvolt after ending partnership
The Legault government has managed to recoup $199 million from the Swedish company and it's hoping to get its hands on the land where the company intended to build a massive electric vehicle battery plant.
And the government should be able to recover more by the "guarantees" it has as a priority creditor.
The Hamilton Spectator
Quebec government says it has recovered $200 million from Northvolt loan
MONTREAL - The Quebec government says it has recovered nearly $200 million on its loan to the North American branch of battery maker Northvolt.
Que. Judge Declares Northvolt Insolvent As Province Recovers $200M - Canadian Manufacturing
A Quebec Superior Court judge has declared insolvent the North American branch of battery maker Northvolt as the provincial government looks to recover $260 million owed to it by the company. Justice Janet Michelin on Sep. 5 placed Northvolt Batteries North America under creditor protection at the request of the Quebec government. Northvolt laid off its entire workforce on Sep. 4 following Economy Minister Christine Fréchette’s announcement earl…
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