First Bid Placed for Bankrupt Northvolt's Entire Operations

A first bid has been placed to buy the entire battery manufacturer Northvolt's operations, reports Sveriges Radio Ekot. The bid comes from a foreign interested party.

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First Bid Placed for Bankrupt Northvolt's Entire Operations
Photo: Pontus Lundahl/TT

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The bankruptcy administrator Mikael Kubu says to Ekot that it is the first time since the bankruptcy that someone has made a bid on the entire business.

Yes, we must say that, and we expect to receive another indicative bid during the day, he says to the radio.

Two of the companies that went bankrupt in the battery manufacturer Northvolt's collapse – Northvolt AB and Northvolt Ett – have debts totaling over 80 billion kronor, reports SVT News. The assets are simultaneously totaled to 2.4 billion kronor according to the TV channel, which refers to bankruptcy inventories from the companies.

In total, there are now three possible buyers of the business, according to Kubu, who says that the negotiations are moving forward.

Of course, it is clear that time is limited and the problem is that there are fewer and fewer employees and a buyer naturally does not just want to buy machines but also needs the right competence. It is a race against time, still, he says to Ekot.

In total, five Northvolt companies have been declared bankrupt in the Stockholm District Court after a failed attempt to achieve a reconstruction in an American bankruptcy court, where the debt mountain was totaled to 60 billion kronor.

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

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