The reason why one of the subsidiaries, Nortvolt Ett Expansion, was declared bankrupt on October 8, 2024 was, according to the then CEO of the parent company Peter Carlsson, "to stop the expansion in Skelleftea, which in turn was a consequence of the group's deep financial crisis" writes the state-own Swedish television (SVT).
Initially, the bankruptcy trustee estimated the debts at $169,000,000-$253,000,000 but the bankruptcy filing shows that the debts amount to $582,000.00 while the assets are only $109,000,000. At the same time, the parent company Northvolt AB continues its struggle to survive.
On November 21, 2024, the company announced that it and a number of its other subsidiaries filed for Chapter 11 proceedings in the United States to secure financing while implementing a restructuring.
Personally, I am grateful that the current government has not chosen to add additional tax money to the company. That the company 4 to 1 Investments, which was created in 2021 jointly by the pension funds AP 1-4 under great secrecy to be able to invest in unlisted holdings, has invested $489,000,000 of the Swedish pension owners' money in the parent company Nortvolt AB is bad enough.
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