Reported 2 days ago
Northvolt AB's shareholders have voted to continue the production of battery cells while the company seeks new funding to restructure under Chapter 11 after filing for bankruptcy in November, accumulating $5.84 billion in debt. This decision, made during an extraordinary general meeting in Stockholm, is crucial for the firm's efforts to avoid liquidation and maintain its operations, which include significant backing from major shareholders like Volkswagen and Goldman Sachs. Northvolt aims to secure additional financing by the end of the first quarter to stabilize its financial situation.
Source: YAHOO