Mikael Kubus first step will be to investigate whether it is possible to save the business and at least a portion of the thousands of jobs that risk being lost in the bankruptcy.
Discussions with major customers and creditors will be initiated – after the first meetings with the company management in Northvolt.
It is our ambition to find such an agreement. That is what we are working towards right now, says Kubu to TT.
Billion loan from major customer
One of Kubus most important counterparts in the bankruptcy will be Scania, a part of the VW-controlled truck conglomerate Traton, based in Södertälje. Scania is one of the major customers and also provided over one billion kronor in loans when Northvolt applied for bankruptcy protection under Chapter 11 in the USA in November.
Northvolt currently supplies virtually all cells used in Scania's production of electric trucks, according to press officer Erik Bratthall – although Scania has also recently secured agreements with other battery suppliers to be able to fulfill their transformation plans regardless of how it goes for Northvolt.
Scania has done what we could to help Northvolt in the situation they found themselves in. We have had personnel on site with them and we have lent them money in their reconstruction phase, says Bratthall.
Maintaining cutting-edge expertise crucial
He does not want to speculate on how likely it is that Scania will make a deal with the bankruptcy trustee to take over assets or operations, nor how they assess the risk of the billion loan from November never being repaid.
But we are a very constructive party in this entire process, he says.
As bankruptcy trustee, Kubu takes over the ultimate responsibility for the company – whose operations will continue to be led by Northvolt managers. He is to wind up the company in a way that benefits the creditors as much as possible, in accordance with bankruptcy law.
A crucial question for being able to save the business will be whether it is possible to retain cutting-edge expertise in the uncertain crisis situation that prevails, according to Kubu.
It is naturally a challenge with people who have cutting-edge expertise and are in demand at other workplaces. But it is something we are working with.
Bankruptcy trustee Mikael Kubu, lawyer at Ackordcentralen, has taken over the ultimate responsibility for Northvolt. He is to wind up the company, but the mission is to bring in as much money as possible to the creditors. This can, among other things, be done by selling assets and operations – if it is possible to find buyers.
The nearly 5,000 employees at Northvolt – of whom nearly 3,000 are in Skellefteå – who are affected by the bankruptcy will, according to Kubu, receive salaries via the state's wage guarantee. They will also be laid off in connection with the company's winding up. How many can count on being re-employed depends on how much of the business can be taken over by a new company.
Northvolt also has around 800 employees in Stockholm and 400 in Västerås.
