Northvolt files for bankruptcy protection, plans restructuring to cope with financial crisis

Due to the financial crisis, Swedish electric vehicle battery manufacturer Northvolt filed for bankruptcy protection in the United States and plans to reorganize under Chapter 11 of the Bankruptcy Code. The company has only $30 million in cash in its account and has a debt of up to $5.8 billion. In order to alleviate the crisis, the company will accept about $145 million in cash collateral and $100 million in new financing.