Major creditor in advance discussions to buy Volta Trucks, reports suggest

Luxor Capital Group is in advanced talks with the administrators at Volta Trucks to buy the business, reports suggest.

The electric truck manufacturer filed for bankruptcy in Sweden last month (October) and days later appointed administrators in the UK following the collapse of its battery supplier.

Proterra had filed for Chapter 11 Bankruptcy, which Volta Trucks says had a “significant impact” on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce.

The uncertainty with its battery supplier also negatively affected its ability to raise sufficient capital in what it described as an “already challenging capital-raising environment” for electric vehicle (EV) manufacturers. 

At the time, Andrea Jakes, managing director of administrators Alvarez and Marsal, said that it would continue to consider the options for the company as it searched for a potential buyer to secure the future of the business.

The administrators declined to comment but Sky News reported that New York-based Luxor Capital Group, which was both a shareholder in and lender to Volta, was closing in on a deal to buy the business.

It said that an agreement could be reached in the coming days, although sources also warned that the timetable could slip.

The administration placed 850 jobs in danger, of which 600 were in the UK where the group had opened a service hub in North London.