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Northvolt Receives Shareholder Approval to Proceed with Business Operations Amid Restructuring

share-iconWednesday, January 08 comment-icon1 week ago 8 views
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thelocalTHELOCAL
Northvolt Receives Shareholder Approval to Proceed with Business Operations Amid Restructuring

Credited from: THELOCAL

  • Northvolt has applied for Chapter 11 bankruptcy protection in the US to restructure its $5.8 billion debt.
  • During an Extraordinary General Meeting, shareholders voted to affirm the continuation of the company's business.
  • The resolution is part of a legal requirement in Sweden due to a significant drop in shareholder equity.
  • Support from major shareholders includes Volkswagen and Goldman Sachs, with Scania providing $100 million in new financing.
  • Amid financial challenges, Northvolt has cut 1,600 jobs and is focusing on battery cell production while suspending other expansions.

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