Northvolt – bankruptcy trustee hopeful on business continuation
STOCKHOLM, March 21 (Reuters) – Northvolt’s bankruptcy trustee said on Friday it had made “significant” progress in negotiating the continuation of operation of the electric vehicle battery maker, while talks with potential buyers proceed.
The Swedish company filed for bankruptcy in Sweden on March 12, marking one of the country’s largest corporate failures and effectively ending Europe’s best hope of developing a rival to challenge China.
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At the time of the bankruptcy filing, Northvolt said its battery factory in Northern Sweden would continue to run in the short-term, but it would be up to the court-appointed bankruptcy trustee to decide if production would close down during negotiations of its future.
Mikael Kubu at judicial reorganization specialists Ackordscentralen said in a statement,
Maintaining certain operations is likely to be crucial in order to be able to sell the business in whole or in part,
He added,
We currently see the conditions for selling the business as a producer of battery cells as good,
Reporting by Marie Mannes; editing by Nerijus Adomaitis, David Evans and Leslie Adler
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Northvolt – bankruptcy trustee hopeful on business continuation, source
