Stockholm, Sweden- Volta Trucks AB., a commercial vehicle manufacturer and services provider, declared bankruptcy due to the collapse of its supplier, Proterra, and uncertainty surrounding its battery supplier. These challenges made it difficult for Volta to secure the necessary capital, pushing it into financial distress.
Before the sudden bankruptcy, the company had chosen an Austrian production facility and was only 30 days away from starting production. With more than 5,000 vehicle orders from excited buyers, there is a clear urgency to find a solution.
As to insider accounts, the company's management has been contacted by ten to twenty prospective investors, both financial and strategic, who have expressed interest in purchasing the company.
Given the brief window of opportunity during administration to obtain a rescue proposal before administrators sell assets to lessen creditors' losses, the situation is urgent. The management has moved quickly to start speaking with investors in order to come up with a competitive offer in the upcoming week. Although there was previously a lot of investor interest in the EV sector, growing inflation has caused financial issues for a number of firms, including Volta Trucks.
Alvarez & Marsal Europe (A&M) administrators, who are in charge of Volta Trucks' UK operations, are dedicated to resolving this issue. Now, finding a buyer is a team effort, as is maintaining Volta Trucks and fulfilling current client orders, which are still important despite the difficult situation.
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