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Northvolt appoints restructuring expert to oversee main battery plant
Global Banking and Finance Review
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COPENHAGEN (Reuters) – Northvolt has appointed restructuring expert Paul O’Donnell to oversee the lithium-ion battery maker’s main facility in northern Sweden, a company spokesperson said on Wednesday...
COPENHAGEN (Reuters) – Northvolt has appointed restructuring expert Paul O’Donnell to oversee the lithium-ion battery maker’s main facility in northern Sweden, a company spokesperson said on Wednesday.
O’Donnell will become chairman of Northvolt Ett, the group’s battery cells plant, the spokesperson added.
Cash-strapped Northvolt has been discussing the possibility of filing for Chapter 11 bankruptcy protection in the United States as one of several options for survival, two sources familiar with the matter told Reuters on Nov. 15.
“It makes sense to augment the board with an individual who has significant restructuring experience in order to guide the company through the challenging period,” the spokesperson said.
“Paul has significant experience in this arena both in his professional career with the Blackstone Group and subsequent to that his non-executive director roles in several companies,” he added.
Swedish media had reported Chapter 11 was seen as a way for Norvolt to sort out its finances. Its two largest shareholders are Volkswagen and Goldman Sachs.
Northvolt, which was set up in 2016, has missed some in-house production targets and has curtailed production at its plant, according to internal company documents and company sources, Reuters reported on Nov. 18.
Northvolt Ett chief Mark Duchesne stepped down last month and was replaced on an interim basis by Angeline Bilodeau, the vice president of Northvolt’s operations in North America.
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik, Alexander Smith and Jane Merriman)
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