NEW YORK (Reuters) – Swedish electrical automobile battery maker Northvolt mentioned on Friday it plans to have further chapter financing in place by the tip of January, after participating with greater than 100 lenders and potential traders.
Northvolt went bankrupt on November 21 due to a $100 million mortgage from Swedish truck maker Scania, a shareholder and its greatest buyer. However that mortgage was not meant to see Northvolt by means of its chapter restructuring, and the corporate continued to guage proposals for added financing from strategic and monetary traders.
Northvolt’s lawyer, Jack Luze, mentioned throughout a Houston court docket listening to Friday that the corporate had contacted greater than 100 potential lenders and traders in search of new financing that will enable Northvolt to finish its restructuring.
Luze mentioned the corporate intends to current a longer-term financing proposal to U.S. Chapter Decide Alfredo Perez at a Jan. 28 court docket listening to.
Perez granted full approval to Northvolt’s earlier chapter mortgage on Friday, after beforehand permitting Northvolt entry to the primary $51 million of the mortgage.
“We’re happy with the outcomes of this listening to, throughout which we acquired closing approval of our requests to entry new financing, a optimistic step in our restructuring,” a Northvolt spokesperson mentioned.
Northvolt has raised greater than $10 billion in a bid to mass produce batteries for electrical autos and compete with skilled and well-heeled Chinese language battery makers. The corporate, which employs about 6,600 folks in seven nations, mentioned it plans to proceed regular enterprise operations whereas trying to restructure its money owed in chapter.
(Reporting by Dietrich Knauth in New York and Marie Mannes in Stockholm; enhancing by Rod Nickel)
#Battery #maker #Northvolt #strikes #longerterm #chapter #financing , #Gossip247
,
rupert murdoch
crypto information
oracle inventory
goog inventory
googl inventory
mondelez
wreaths throughout america
