Pétromont Inc., a Montréal-based petrochemical company, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on March 11, 2025 to facilitate the wind-down of its operations, liquidate remaining assets, and address environmental liabilities. Established in 1980, Pétromont played a significant role in Québec’s petrochemical sector but faced financial distress starting in 2007 due to currency fluctuations, rising raw material costs, and increasing international competition. Operations were suspended in 2008, with plant closures in Varennes and Montréal-East following in 2009. Since then, Pétromont has focused on asset liquidation and environmental rehabilitation, including the sale of its Varennes site to the City of Varennes after decontamination. However, it still retains a contaminated parcel in Montréal-East and remains responsible for groundwater monitoring and remediation at both sites until at least 2029. With liabilities exceeding $249 million, the company is insolvent and unable to meet outstanding obligations. The CCAA proceedings aim to implement a claims process, resolve remaining environmental responsibilities, and determine the future of the contaminated Montréal-East land. Deloitte is the court-appointed monitor.

Legal counsel includes McCarthy Tétrault for Pétromont and Stikeman Elliott for the monitor.