Tech Company Backed by Bill Gates Files for Chapter 11 Bankruptcy

Sharing is Caring!

Ambri, a company on the cutting edge of developing liquid metal batteries with backing from Bill Gates, has hit a financial snag and filed for bankruptcy.

The company cites a tough time raising funds and disputes with a landlord and contractor as the culprits, issues that surfaced when expansion plans were scrapped.

See also  John F. Kennedy files are about to be released by DJT

The Wall Street Journal reports that as Ambri navigates these challenging financial times, a group of bondholders led by Gates has stepped in to spearhead the sale process.

They’re putting forward $38 million of secured debt in their bid, which is still open to higher offers and awaits court approval.

See also  'Take as much as you can': Chinese Company lays $11 million USD cash for employees to grab in 15minutes

The fate of Ambri’s financial restructuring is now in the hands of the U.S. Bankruptcy Court in Wilmington, Delaware.

Having filed for Chapter 11, the company reveals it’s wrestling with debts over $50 million, with any sale hinged on the emergence of superior bids
https://www.msn.com/en-us/money/companies/tech-company-backed-by-bill-gates-files-for-chapter-11-bankruptcy/ss-BB1m64Gk?ocid=msedgntp&pc=U531&cvid=a7bbbbb06d914e228d1d0c4ceff01f66&ei=33#image=3


87 views