Northvolt's Chapter 11 filing aims to reorganise its debt while continuing operations, ensuring deliveries to customers, and maintaining payments to critical vendors and employees.
The Chapter 11 process permits Northvolt to secure approximately $145M in cash collateral and leverage $100M of debtor-in-possession financing from a current customer.
Despite the restructuring, Northvolt's main factories in Sweden will keep operating to meet customer commitments, while distinct financial arrangements ensure the other branches function independently.
Peter Carlsson is stepping down as CEO but will remain with Northvolt in a Senior Advisor role, alongside his position on the Board.
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