According to a Sky News report, Luxor Capital Group, a US-based credit hedge fund, is engaged in advanced discussions with the insolvency administrators of Volta Trucks regarding a potential acquisition of the company.
The same source reports that Luxor Capital Group, a former shareholder and creditor of the Swedish startup, is in advanced negotiations with the administrators, aiming to secure a deal that could salvage numerous jobs in the UK, where 600 people were employed by Volta Trucks.
Approximately a month ago, Volta Trucks, the electric commercial vehicle startup, initiated bankruptcy proceedings and appointed administrators from Alvarez & Marsal Europe LLP for its UK subsidiary. In a statement from its board of directors when announcing the bankruptcy proceedings, the startup attributed the collapse of its battery supplier Proterra as having a “significant impact” on its manufacturing plans, despite having previously secured around €300 million ($316 million) from investors and maintaining an order book of over 5,000 vehicles.