In early May 2026, Norwegian lithium-ion phosphate (LFP) manufacturer Morrow Batteries ASA filed for bankruptcy due to a fatal liquidity crisis. The company had recently achieved key milestones, including declaring commercial start of production in January 2026, beginning shipments to Finland-based Proventia in April under a long-term supply agreement, and securing a delivery contract with a German defense company.

However, Morrow ran out of time before closing advanced financing negotiations, despite total funding exposure exceeding NOK 5.1 billion across shareholder equity, loans, and public grants. The board attributed the failure to a structural mismatch between early-stage manufacturing capital demands and global market conditions, citing amongst others: intensified competition, oversupply, price pressure from low-cost Chinese cells and rising capital costs. Morrow's collapse follows similar industry struggles by Northvolt and Freyr.

More on this story at Battery Tech Net

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Financier Lex Greensill has been banned from running UK companies for nine years following the 2021 collapse of his supply chain invoicing firm, Greensill Capital, which left more than £1.6bn in liabilities. To avoid a scheduled six-week High Court trial, Greensill signed a disqualification undertaking with the UK Insolvency Service. 

The regulator ruled he breached his legal duty to exercise reasonable care, skill, and diligence. Specifically, the ban relates to Greensill Capital's lending to US construction company Katerra. Greensill directed his companies to enter transactions that stripped away legal protections from loan notes without the required written consent, causing a $440m loss for Credit Suisse. 

While the Insolvency Service noted the nine-year ban reflects the serious nature of his conduct, a spokesperson for Greensill emphasised that the four-year investigation concluded with no findings of dishonesty or bad faith.

Read more in the Guardian

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The English High Court has sanctioned the second restructuring plan proposed by Waldorf Production UK Plc, despite strong opposition from HMRC. The plan enables Harbour Energy’s $205 million acquisition of Waldorf’s North Sea assets, conditional on the restructuring extinguishing around $94 million of Energy Profits Levy liabilities, with HMRC receiving approximately 14% of its claim. 

The decision follows the court’s refusal to approve Waldorf’s first plan in August 2025, when concerns were raised about fairness and the treatment of dissenting creditors. In approving the revised plan, the court found that HMRC would be no worse off than in the likely alternative insolvency scenario and rejected arguments that the tax authority should have an effective veto over restructuring plans. 

The judgment is a significant development in UK restructuring law, clarifying the limits of HMRC’s influence and reinforcing the court’s willingness to use cross-class cram down powers where a plan is considered fair.

Read more at Kirkland & Ellis

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Tubos Reunidos, the historic Spanish steel pipe manufacturer founded in 1892, has filed for voluntary insolvency after 134 years in business, highlighting the mounting pressures facing Europe’s industrial sector. 

The Basque-based company, which produces seamless steel tubes for the energy and petrochemical industries, accumulated debts of around €263 million after demand weakened sharply and profitability deteriorated. The company swung from profits in 2023 to major losses in 2025, hit by rising energy and labour costs, cheaper imported steel, weak industrial demand and a crushing 50% US tariff on steel exports imposed in 2025.

The company employs nearly 1,300 people across Spain and the US, with workers protesting against planned redundancies and uncertainty over the company’s future. A court-appointed administrator is now expected to oversee restructuring efforts, asset sales and negotiations with creditors as the firm attempts to preserve operations

Read more at EuroNews here

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Swedish e-fuel developer Liquid Wind AB has filed for bankruptcy, delivering a significant blow to the green shipping sector. The Gothenburg-based firm, which specialized in producing net carbon-neutral e-methanol from biogenic CO2 and renewable electricity, has been placed under court-appointed administration. The entire business, including its Swedish, Danish, and Finnish subsidiaries, is now up for sale.

Liquid Wind had aimed to establish ten commercial-scale plants by 2030 to supply hard-to-abate sectors such as shipping and aviation. The collapse has occurred despite a recent $44 million equity raise and high-profile partnerships with Alfa Laval, Siemens Energy, and Uniper. 

The bankruptcy highlights wider challenges facing the green shipping sector, including high development costs, uncertain fuel demand and difficulties securing long-term offtake agreements for large-scale e-fuel production.

Find out more at Maritime Executive here

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