Northvolt files for Chapter 11 Bankruptcy Protection
Northvolt AB, a Swedish battery maker, filed for Chapter 11 bankruptcy protection in the United States on Thursday, November 21, 2024.
The Swedish company hasn’t given up yet. According to its press release, Northvolt hopes its Chapter 11 reorganization filing will enable it to restructure its debt, appropriately scale its business to meet customer needs and secure a sustainable foundation for continued operation. Northvolt also hopes the filing will help it implement strategies to rescope its business and prioritize customer commitments.
“This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production. Despite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification. We are likewise pleased by the strong support we have received from our existing lenders and our customers,” said Tom Johnstone, Northolt’s interim Chairman of the Board.
Northvolt has about $30 million in cash, enough to support operations for a week. It has incurred $5.8 billion in debts and secured $100 million in new financing for the bankruptcy process, reported Reuters.
The Swedish company plans to complete restructuring by the first quarter of 2024. Northvolt will evaluate proposals for new money investments while going through the bankruptcy process.
“Throughout this process, we will focus on meeting our commitments to our stakeholders, including our employees, customers, suppliers, and the governments of the countries in which we operate. As a reorganized entity, we aim to establish a resilient base of operations and a competitive platform for innovation and long-term growth that will advance our work to build a more sustainable society,” added Johnstone.
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Source: https://www.teslarati.com/northvolt-bankruptcy-chapter-11/
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