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.
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.
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
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