.jpg)
The post -sales sector for cars faced great economic hardship last year, as many retailers and car spare parts have provided bankruptcy to reorganize their business.
In some cases, it can mean reorganization to survive for auto parts work, but sometimes the bankruptcy process fails, and the company may need to be filtered.
Do not miss this step: Subscribe to the free daily newsletter of Thestreeet
The PROS, which works as a distributor of auto and retail retail, has sought to survive as it provided for the bankruptcy of Chapter 11 packed on September 9, 2024, to remove $ 1.2 billion of debt and offer about $ 570 million in the new capital through the exit facility.
Related: The automatic spare parts series shares the good news after the closure of 700 stores
Under the restructuring of mutual consent, wheels professionals handed over 85 % of new stock interests to the first LIEN claims and 15 % remaining for the first new lenders who have declined the exit loan to the debtor.
ACCURIDE Corp. , Another pioneer in the field of wheels and the end of wheel products for commercial trucks and trailers, in the PROS wheel paths and provided for bankruptcy protection in Chapter 11 on October 9, 2024, and seeks to restructure by mutual consent to continue to work as an ongoing martyr.
Northvolt cancels Chapter 11, filtering
Now, Northvolt AB, which manufactures electric car batteries for many car makers, including BMW, Audi, Porsche, Volvo, Polestar and Swedish Scania, got a bankruptcy order from the bankruptcy court to remove the case of Chapter 11 after I submitted a bankruptcy liquidation in Sweden a few weeks ago, according to what it said. Electrive.
Related: The famous whiskey brand files for a semester of 11 bankruptcy
Stockholm’s based blogger has applied for bankruptcy protection in Chapter 11 on November 21, 2024, and he is looking for a re -drawing or selling its assets because it faced the acute liquidity crisis.
More bankruptcy:
- Restaurant files and the famous bar series to semes 11 bankruptcy
- Followed sports shoes series for 11 bankruptcy
- Prizes -winning cosmetic brand files
Since I submitted a request to protect bankruptcy, plans for restructuring and reorganizing the company have failed, and there has been no great hope for the manufacturer of batteries.
The company decided that its best choice is to reject American bankruptcy procedures and bankruptcy file in Sweden, which is similar to the liquidation of Chapter 7 in the United States, and the company believed that it is better to maintain bankruptcy procedures in Sweden, as the assets of investors were present.
The company also revealed that about 1,700 employees in Sweden will be terminated.
Northvolt will continue to work
The company’s bankruptcy secretary of the company revealed earlier this week that an agreement was reached with shareholders to allow the company to continue working in Sweden under specific circumstances. However, the company will need to reduce employees by about 3,000 workers under conditions.
Northvolt has arranged significant investments from Volkswagen and Goldman Sachs, and it was more than $ 5.8 billion of total debts funded on its books when Chapter 11 of bankruptcy, including more than $ 3.9 billion in a bridge loan, convertible debt tools and $ 1.9 billion in the first and second debts, according to an announcement by the official of the Authority’s return of Scott Milar.
The debtor included $ 1 billion to 10 billion dollars of assets and liabilities in the seam. Among the main creditors of the non -guaranteed Volta, deserved 3.85 billion dollars; KFW, owed about $ 696 million; Volkswagen, a debtor of more than 355 million dollars; And the Secretary and the Northern Agency, the debtor of $ 154 million.
The company was founded in Sweden in 2016 as SGF Energy by two former Tesla employees, Peter Carlos and Paolo Ceruti. She later changed her name to Northvolt in 2017 and plans to expand operations all over the world to many countries, including Sweden, Poland, Norway, Germany, Canada and Portugal.
It also acquired Cuberg Inc. It is based in the United States to establish an advanced technology center in Silicon Valley.
Related: Other Distinguished Series Series for Series 11 Banking
