Northvolt Hires Restructuring Expert to Oversee Swedish Plant [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
O'Donnell, who has helped Thames Water engage with creditors, will become chairman of Northvolt Ett AB, the subsidiary that contains the flagship cell-manufacturing plant in northern Sweden. Northvolt has struggled to raise $300 million in emergency funding, with Bloomberg News reporting on Friday that talks on the package were on the verge of collapse. “It makes sense to augment the board with an individual who has significant restructuring experience in order to guide the company through this period,” Northvolt spokesman Martin Hofelmann said in written comments to Bloomberg. Northvolt cited O'Donnell's significant experience in financial restructuring from his time at Blackstone Inc. and various non-executive directorships. He replaces Northvolt Chief Executive Officer Peter Carlsson as chairman of the unit. Newspaper Dagens Industri reported earlier on O'Donnell's appointment. Several investors have dropped out of Northvolt's rescue talks, according to local press reports
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