The Swedish subcontractors' claims – which risk being lost in the reconstruction that is now to be carried out – amount to 853 million kronor, reports SVT with reference to court documents.
The largest claim among the Swedish subcontractors is held by Axima Concept Sweden, based in Gothenburg, amounting to nearly a quarter of a billion.
Other major Swedish supplier debts are to the electrical and HVAC company Bravida, Microsoft Sweden, the recycling company Stena Recycling, and the staffing company Randstad.
Municipally-owned Skellefteå Kraft, which has also invested 100 million in a stake in Northvolt, has a payment claim of 61 million kronor, according to SVT.
Northvolt also has debts to lenders of around 60 billion kronor and to major shareholders with equity capital in the company of up to 90 billion, which are threatened.
During the reconstruction planned under bankruptcy protection, the idea is that large parts of the debt mountain will be written off or exchanged for new Northvolt shares.
At the same time, the American investment bank Goldman Sachs is writing off almost 900 million dollars, equivalent to 9.9 billion kronor, of its investment in Northvolt, reports Financial Times.
According to a letter to investors obtained by the newspaper, the bank – which is the second-largest owner of Northvolt with 19 percent of the shares – will write down the value of its investment to zero by the end of the year, writes Dagens industri.
Battery manufacturer Northvolt has been hit by a series of setbacks this year, including weak demand, major production problems, and lost large orders.
The company's management has so far unsuccessfully negotiated with owners and lenders for an additional 10 billion kronor in financing – to finance operations for the next year.
On Thursday, the company applied for bankruptcy protection under Chapter 11 of the US Bankruptcy Code in a court in Texas. In connection with this, the company reported a cash balance of around 300 million kronor and new financing of a total of 2.5 billion kronor – including from truck manufacturer Scania.
The reconstruction of Northvolt – which may also involve a parallel process in a Swedish court – is expected to be completed during the first quarter of 2025.
