Northvolt Hires Restructuring Expert to Oversee Swedish Plant
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Sweden’s Northvolt AB hired restructuring expert Paul O’Donnell to oversee its main factory unit, as time runs short for the struggling battery maker to mend its finances outside of bankruptcy court.
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.