Northvolt, a major Swedish battery maker, filed for bankruptcy in the U.S., seeking to restructure the debt it had taken on to pay for its rapid expansion.

Sweden's Northvolt seeks US Chapter 11 bankruptcy protection in the U.S. Chapter 11 bankruptcy protection, the cash-strapped company said on Thursday. Northvolt went in a matter of months from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat by slimming down,

Years of losses and two failed mergers have caused the ultra-low-cost carrier’s stock price to tumble 92% in the past year. But Spirit says it will bounce back.