On March 11, 2025, Montréal-based Pétromont Inc. obtained protection under the Companies’ Creditors Arrangement Act (CCAA) to facilitate an orderly wind-down of its operations, dispose of remaining assets, and fulfill its environmental obligations. Founded in 1980, Pétromont was a major player in Québec’s petrochemical industry, producing materials for the plastics, packaging, automotive, and construction sectors. The company experienced sustained success until 2007, when adverse currency fluctuations, rising feedstock prices, and intensifying global competition led to financial distress. Operations were suspended in 2008, and its Varennes and Montréal-East plants were permanently closed in 2009.

Since then, Pétromont has focused on asset liquidation and environmental remediation. It completed the decontamination and sale of the Varennes site to the City of Varennes but retains a contaminated parcel in Montréal-East. The company remains responsible for groundwater monitoring and environmental remediation at both sites through at least 2029.

With liabilities exceeding $249 million and ongoing environmental costs, Pétromont is insolvent and unable to meet its remaining obligations. The CCAA process aims to implement a structured claims process, finalize environmental commitments, and identify a resolution for the Montréal-East site. Deloitte was appointed as monitor. McCarthy Tétrault LLP acted as legal counsel to Pétromont, and Stikeman Elliott LLP represented the monitor.