Facing financial difficulties, Northvolt owners, including Volkswagen and Goldman Sachs, voted to continue operations while the Swedish electric vehicle battery maker seeks to restructure through Chapter 11 bankruptcy protection. Production issues and funding shortfalls led to the company's decline last year, but owners remain optimistic about its potential.
The owners of Northvolt on Wednesday voted to continue operations while the Swedish electric vehicle battery maker seeks to sort out its finances, it said in a statement.
Its owners, which include Volkswagen and Goldman Sachs, met in Stockholm to vote on whether to liquidate the group or allow the Chapter 11 restructuring overseen by a U.S. court to continue. “Northvolt continues to make progress in the restructuring process while ramping production and executing on its transformation,” it added.
At the time of its Chapter 11 filing in November the lithium-ion battery maker had 6,600 employees in seven countries and debts of $5.8-billion.
Northvolt Bankruptcy Restructuring EV Battery Shareholders
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