The summons, which has not been made public, was sent out about two weeks ago, according to Zsiga.
He adds that the meeting must be held in the current situation to prevent Northvolt from violating Swedish law.
Many of Northvolt's owners have, ahead of the meeting – as previously reported by the news agency Bloomberg – written down the value of their holdings in the company. This is because the battery manufacturer has applied for bankruptcy protection in a US court, which poses a risk that existing shares will become worthless when the planned reconstruction is carried out.
The largest owners are, according to the latest available annual report, Volkswagen, with 21 percent of the shares, and Goldman Sachs, with 19.2 percent.
The third largest owner is Vargas Holding, with financier Harald Mix, who holds 7.2 percent of the shares. But among smaller institutional owners are also the state-owned AP funds, AMF Pension, and Folksam.
Last Friday, a meeting was held with creditors in the bankruptcy court in Texas, which is handling Northvolt's bankruptcy protection. The meeting resulted, according to Zsiga, in the company being given the green light to continue paying employees, suppliers, taxes, and insurance, as well as essential services required to keep the company alive during the reconstruction.
Joakim Goksör/TT
Facts: Debt mountain to be restructured away
TT
The financially strained battery manufacturer Northvolt applied – after unsuccessfully seeking capital injections and new billion-kronor loans during the autumn – for bankruptcy protection in a court in Texas, USA, in November. The company had then stopped several projects and laid off around a fifth of its workforce during the autumn.
Northvolt had, at the end of October, over 7,000 employees, most of them in Skellefteå, Västerås, and Stockholm. But the group also had hundreds of employees in Poland, Germany, and Canada.
The debt mountain – which the company hopes to restructure away – amounted to over 60 billion kronor when the application was submitted to the court in Texas on November 21.
Northvolt has set a goal to complete the reconstruction by the end of the first quarter of 2025.
