Northvolt, a leading European battery manufacturer, has filed for Chapter 11 bankruptcy, burdened by over $5.8 billion in debt and significant production failures. Major investors, including J. Safra Sarasin, Volkswagen, and Goldman Sachs, face substantial losses, with the latter expected to write down nearly $900 million to zero. CEO Peter Carlsson has resigned to facilitate restructuring efforts amid the company’s financial turmoil.
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