Bankrupt Northvolt Seeks Investors' Nod to Keep Making Batteries [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: BNN Bloomberg
The extraordinary general meeting scheduled for Wednesday at Northvolt's Stockholm headquarters is billed as a “procedural step” by the company. The gathering, announced in December, is required when equity falls below one-half of registered share capital, spokesman Martin Hofelmann said in an email. “The board's proposal is for continuity, and this is the outcome we anticipate,” he said. Even so, the vote is just one of many obstacles Northvolt must surmount to survive after one of one of the largest bankruptcies in 2024. The company's restructuring plan relies on raising new money to support operations while its simplifies a widespread footprint including partially built factories far from its home base. “We are currently analyzing the various options and intend to attend the meeting to have the opportunity to ask questions and reason together with the other owners,” Kajsa Forsberg Mostrom, a spokesperson for Swedish insurer Folksam, one of Northvolt's smaller owners. “Our in
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