The Swedish battery maker filed for bankruptcy last week, dashing ambitions for the European electric vehicles sector – and leaving significant EU loans outstanding
The Swedish battery maker filed for bankruptcy last week, dashing ambitions for the European electric vehicles sector – and leaving significant EU loans outstanding
Yes, this Euronews article doesn’t make sense.
Northvolt says that operations to continue as usual during Chapter 11 reorganization process, with company meeting obligations to customers, vendors and employees. Voluntary reorganization facilitates access to approximately $145 million in cash collateral and $100 million debtor-in-possession financing (from Scandinavian truck maker Scania). This is not even mentioned in the article.
In a nutshell, the liquidity crisis Northvolt faces is serious, we must not downplay that, but it’s far from what the article suggests for now. It’s not a collapse.