Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings

There are several speculators who have shown interest in buying the battery factory Northvolt One in Skellefteå and other assets in Northvolt's bankruptcy estate, reports the newspaper Norran, citing Fredrik Sundin, lawyer at Ackordcentralen.

» Published:

Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings
Photo: Jonas Westling/TT

Share this article

It is actually a fairly large interest. We have been able to identify several interested parties for both Revolt (recycling plant) and Northvolt One, says Fredrik Sundin to the newspaper.

He is one of about 25 people at Ackordcentralen who are currently working with Northvolt's bankruptcy administration.

My hope is that we will have an agreement ready within a month or two, says Sundin.

According to the lawyer, the interested parties are both financial investors and players in the automotive and battery industries. Several have already visited the facilities and more visits are expected in the future.

Sundin adds that the bankruptcy administrator may "hopefully" make a decision on continued operation of Northvolt's business this week – which he believes would facilitate negotiations with potential buyers compared to if a decision is made to stop production.

Northvolt – with nearly 3,000 employees in Skellefteå and hundreds of employees in Västerås and Stockholm – was declared bankrupt by the Stockholm District Court on March 12.

All employees will lose their jobs, as Northvolt as a company will be wound up in the bankruptcy. However, the business and assets in the bankruptcy estate can be sold to new owners, which may open up the possibility for at least some of the laid-off employees to get new jobs.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

China Investigates Nvidia for Competition Law Violations

China Investigates Nvidia for Competition Law Violations

USA and China Near Resolution on TikTok Deal

USA and China Near Resolution on TikTok Deal

Black Soldier Fly Oil and Protein Developed for Animal Feed

Black Soldier Fly Oil and Protein Developed for Animal Feed

Basmati Rice Dispute Stalls EU-India Trade Agreement

Basmati Rice Dispute Stalls EU-India Trade Agreement

Stock Market and Krona Rise as Week Begins

Stock Market and Krona Rise as Week Begins

Sweden Construction Costs Rise 0.4% in August Amid Higher Electricity Prices

Sweden Construction Costs Rise 0.4% in August Amid Higher Electricity Prices

Swedes Report Decreased Satisfaction with Banks This Year

Swedes Report Decreased Satisfaction with Banks This Year

Fashion Trade Sales Rise for Third Consecutive Month

Fashion Trade Sales Rise for Third Consecutive Month

Powell's Rate Signal Influences Swedish Households Too

Powell's Rate Signal Influences Swedish Households Too

Asian Markets Rise Despite Weak China Data

Asian Markets Rise Despite Weak China Data

ANZ Bank Faces Record Fines for Bond Deal Misconduct

ANZ Bank Faces Record Fines for Bond Deal Misconduct

Trump Welcomes Foreign Investment and Workforce in the USA

Trump Welcomes Foreign Investment and Workforce in the USA

Government Boosts Support for Sweden's Regional Airports

Government Boosts Support for Sweden's Regional Airports

Klarna CEO: Embracing "Swedishness" as a Key Asset

Klarna CEO: Embracing "Swedishness" as a Key Asset

Handelsbanken Swish Payment Disruption Resolved

Handelsbanken Swish Payment Disruption Resolved

Government Proposes Increased Export Credit Guarantees for Swedish Companies

Government Proposes Increased Export Credit Guarantees for Swedish Companies

AstraZeneca Halts UK Research Facility Expansion Plans

AstraZeneca Halts UK Research Facility Expansion Plans

Princess Madeleine's Skincare Brand Launch Draws Lukewarm Interest

Princess Madeleine's Skincare Brand Launch Draws Lukewarm Interest

Länsförsäkringar Swish Payment Issue Resolved

Länsförsäkringar Swish Payment Issue Resolved

Blind Box Trend Raises Concerns Over Consumer Behavior and Spending

Blind Box Trend Raises Concerns Over Consumer Behavior and Spending