Northvolt - Largest Swedish Bankruptcy in Modern Times

Billions of Swedish pension savers' money is lost in Northvolt's bankruptcy. The total debt of the battery manufacturer amounts to around 60 billion kronor in what is described as the largest Swedish bankruptcy in modern times.

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Northvolt - Largest Swedish Bankruptcy in Modern Times
Photo: Jonas Ekströmer/TT

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The four AP funds, which manage Swedes' pension money, had invested 5.8 billion kronor in Northvolt, equivalent to 0.3 percent of the managed capital.

The money had already been written off in connection with the reconstruction process - now it is definitively gone.

Through the joint company, called 4 to 1 Investments, they write in a press release that they "regret that a solution has not been reached".

In connection with the reconstruction process starting last autumn, via the so-called Chapter 11 procedure in the USA, the debt mountain was around 60 billion kronor.

Exactly how much it amounts to currently is unclear. The subcontractors' claims then amounted to approximately 2.5 billion kronor. The owners, who according to previous information are estimated to have invested capital equivalent to around 90 billion kronor, will lose the most.

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

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