Northvolt has suffered this year as EV demand growth slowed and a US$2.15-billion battery order was cancelled, while the fate of a $7-billion factory planned for Quebec has yet to be decided
Several Canadian pension funds have sizable financial exposure in the event of a bankruptcy filing by Northvolt AB, the Swedish battery maker that is burning through cash as growth in demand for
The Financial Times reported on Sunday that Northvolt is considering seeking protection from creditors in the coming days after talks about a rescue package collapsed. The company is still trying to secure short-term financing, but time is getting short, the FT said, quoting unnamed people involved in the negotiations.
The terms of Northvolt’s convertible debt – including under what circumstances it would be swapped for equity – have not been disclosed, which makes it hard to gauge where the four Canadian pension funds rank in terms of seniority in the event of a bankruptcy, or how much of their initial investments are at risk of being wiped out. Lenders typically rank ahead of equity owners when a company is restructured., Bayerische Motoren Werke AG and Goldman Sachs.
Spokespeople for OMERS, CPPIB, IMCO and the Caisse all declined to comment beyond confirming investments that were publicly announced.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Quebec tribunal rejects Amazon's challenge of Quebec warehouse's unionizationLAVAL, Que. — A labour tribunal has dismissed Amazon's challenge of the unionization of its warehouse workers in Laval, Que.
Read more »
Scotland's Stuart Armstrong another US$2-million man with Vancouver WhitecapsWhile captain Ryan Gauld remains Vancouver's highest-paid player, the Whitecaps now have a second $2-million man (all figures in U.S. dollars) in fellow Scottish international Stuart Armstrong.
Read more »
Scotland's Stuart Armstrong another US$2-million man with Vancouver WhitecapsWhile captain Ryan Gauld remains Vancouver's highest-paid player, the Whitecaps now have a second $2-million man (all figures in U.S. dollars) in fellow Scottish international Stuart Armstrong.
Read more »
Scotland's Stuart Armstrong another US$2-million man with Vancouver WhitecapsWhile captain Ryan Gauld remains Vancouver's highest-paid player, the Whitecaps now have a second $2-million man (all figures in U.S. dollars) in fellow Scottish international Stuart Armstrong.
Read more »
Quebec First Nation says government, Hydro-Québec left it out of wind projectsMONTREAL — A First Nation near Quebec City says the provincial government and Quebec’s hydro utility have ignored their constitutional duty to consult about four planned wind projects south of the St. Lawrence River.
Read more »
Quebec First Nation says government, Hydro-Québec left it out of wind projectsMONTREAL — A First Nation near Quebec City says the provincial government and Quebec’s hydro utility have ignored their constitutional duty to consult about four planned wind projects south of the St. Lawrence River.
Read more »