Battery maker Northvolt files for bankruptcy protection
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$30 million cash remaining
Northvolt filed for bankruptcy only $30 million in cash that you have and $5.84 billion debt He declared that it was. He needs 1 billion dollars to 1.2 billion dollars The company stated that it believes it can exit the restructuring by the first quarter of 2025.
Northvolt has so far received $245 million in financing to avoid bankruptcy, including the Swedish truck maker that is Northvolt’s single largest customer and key shareholder. ScaniaIncluding a $100 million loan from . At a court hearing earlier this week, US Bankruptcy Judge Alfredo Perez ruled that Northvolt was operating in seven countries. 6,600 employees He said he would allow him to take out the $51 million loan he received from Scania to pay his salaries.
Northvolt before filing for bankruptcy protection It laid off nearly a quarter of its workforce. The bankruptcy also revealed a $330 million convertible instrument from Volkswagen that matures in December 2025. Volkswagenis the largest shareholder of Northvolt and owns 21% shares in case.
Northvolt in June, BMW’for electric vehicle battery cells Cancellation of 2 billion euro order He was shaken by his decision. Northvolt, which has many investment plans in Europe and America, It is having difficulty increasing battery production. The company aims to overcome the difficult period by applying for bankruptcy protection.
Source
https://www.carscoops.com/2024/11/swedens-northvolt-files-for-bankruptcy-after-canceled-battery-orders/
https://www.reuters.com/technology/northvolt-ceo-steps-down-2024-11-22/
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