According to a report by Norway’s NTP, a short-term financing package that combines loans from the private sector, government and possibly owners is almost ready to come to the aid of Think, the Norway-based electric car maker. Think halted production in December while it looked for additional funding, and reportedly asked the Norwegian government for support. (Earlier post.)
The government said it would not directly intervene to rescue the automaker.
According to Jo Rodin, the head of the debt committee, the short-term financing should be in place Tuesday or Wednesday of next week, and give the company breathing room for a couple of months, “so that we can reach agreement with creditors and potential new investors.”
The NTP report says that the short-term financing will not support the production of new cars, but rather the completion of the cars that are almost ready, and some production of parts for future vehicles. No Think cars will be on the market this month.
(A hat-tip to Richard at Electric-Aid!)