STOCKHOLM : Swedish battery maker Northvolt has been discussing the possibility of bankruptcy protection in the United States as one of several options for the cash-strapped company to survive, two people with knowledge of the matter told Reuters.
Northvolt has in recent months gone from being Europe's best shot at a home-grown electric vehicle battery champion to racing to stay afloat by slimming down, hobbled by production problems, the loss of a major customer and trouble raising more cash.
Business daily Dagens Industri, citing unnamed sources, late on Thursday reported that Northvolt was leaning towards Chapter 11 proceedings under the U.S. Bankruptcy Code as a way to sort out its finances. One of the people told Reuters that discussions among stakeholders on a short-term funding deal have resumed despite the talks becoming more difficult in recent weeks. A Northvolt spokesperson declined to comment on whether the company was planning on seeking Chapter 11 proceedings or on other speculation regarding the future of the company.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Swedish daily DN halts posts on X over 'extreme' climateSTOCKHOLM: Sweden's newspaper of reference, Dagens Nyheter (DN), said on Friday (Nov 15) it would stop publishing its articles on Elon Musk's social media platform X, citing a "harsh and extreme" climate.
Read more »
ATP roundup: Tommy Paul wins in Stockholm, grabs third title of seasonFourth-seeded Tommy Paul topped Grigor Dimitrov, the third seed, 6-4, 6-3 on Sunday to win his second BNP Paribas Nordic Open in Stockholm.Paul captured his first ATP Tour championship in 2021 in the Swedish capital.
Read more »
Haaland skips Ballon d'Or to watch friend in Swedish title deciderSTOCKHOLM : Norway striker Erling Haaland may be one of the best players in the world, but he won't be in the room when the Ballon d'Or is awarded in Paris on Monday, preferring instead a trip to Sweden where his friend Erik Botheim can win the league with Malmo FF.
Read more »
ATP roundup: Top seeds fall in Antwerp, Stockholm, AlmatyFrenchman Hugo Gaston ousted No. 1 seed Alex de Minaur of Australia 6-3, 3-6, 7-5 as the top three seeds all bowed out of the European Open quarterfinals on Friday in Antwerp, Belgium.
Read more »
Dortmund must get through tough period united, says coach Sahin after latest lossBERLIN : Borussia Dortmund will need to work their way out of a tough situation following their 2-1 loss at Augsburg in the Bundesliga on Saturday, and must create more scoring chances to be rewarded for their possession, said coach Nuri Sahin.
Read more »
Manchester United's Ten Hag the latest to wilt in Ferguson's shadowLONDON : Alex Ferguson may have been stripped of his Manchester United ambassadorial role last week but his legacy as manager remains a stifling cloud for those following in his footsteps, with Erik ten Hag the latest to be jettisoned after failing to measure up.
Read more »