The Globe and Mail reports in its Saturday edition that Northvolt's founding chief executive officer stepped down as the company commenced a restructuring process. The Globe's Jeffrey Jones writes that Northvolt filed for Chapter 11 bankruptcy protection in Texas, citing a liquidity crisis with $5.84-billion in debt and only $30-million in cash (all figures U.S.). Backed by major investors like Volkswagen, Microsoft and Goldman Sachs, Northvolt has faced production challenges, cut its staff by 20 per cent and shut down several operations. Co-founder Peter Carlsson stated it was time to pass on leadership to prioritize production and commitments to customers while he stays on as a senior adviser and board member. Northvolt is now searching for a new CEO. In its Chapter 11 filing, Northvolt said it plans to concentrate efforts on Northvolt Ett, its main operating gigafactory in Skelleftea, Sweden, and two projects currently under development: Northvolt Drei in Heide, Germany, and Northvolt Six, in St-Basile-le-Grand, Que., near Montreal. The Quebec project has received $5.8-billion in support from provincial and federal governments. It currently holds $240-million in cash and is not part of the Chapter 11 process.