Creditor in talks to acquire Volta Trucks

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【Summary】Luxor Capital Group is in advanced talks to purchase Volta Trucks, an electric truck manufacturer that filed for bankruptcy. The collapse of its battery supplier and financial challenges impacted its manufacturing plans and ability to raise capital. Luxor Capital Group, a shareholder and lender to Volta, is reportedly close to finalizing a deal, potentially saving 850 jobs.

FutureCar Staff Nov 27, 2023 8:17 AM PT

Creditor in talks to acquire Volta Trucks

Luxor Capital Group is reportedly in advanced talks to acquire Volta Trucks, the electric truck manufacturer that recently filed for bankruptcy in Sweden and appointed administrators in the UK. The collapse of its battery supplier, Proterra, had a significant impact on Volta Trucks' manufacturing plans and its ability to raise sufficient capital in the challenging EV market.

Andrea Jakes, the managing director of administrators Alvarez and Marsal, stated that they were actively searching for a potential buyer to secure the future of the business. While the administrators declined to comment on the ongoing negotiations, sources revealed that Luxor Capital Group, a shareholder and lender to Volta Trucks, was close to finalizing a deal to acquire the company.

If the agreement is reached, it could potentially save 850 jobs, with 600 of those jobs located in the UK where Volta Trucks had established a service hub in North London. However, it should be noted that the timetable for the deal's completion may still be subject to change.