Despite rescue attempts by the board of directors, battery giant Northvolt is now in such big trouble that all its money is gone. Bankruptcy is imminent.
More information now indicates that the Swedish battery giant Northvolt is close to bankruptcy.
The company is reportedly experiencing so many and major financial difficulties that there are no more funds left.
And according to several Swedish media outlets, Northvolt will soon file for bankruptcy, primarily due to tax debts. Something that was also a problem last year. Read more about it here.
The company does not have sufficient funds to cover its tax payments. If the bankruptcy becomes a reality, 5,000 employees will lose their jobs.
Attempts to ensure Northvolt's continued operation have apparently had no effect. According to information from Dagens Industri and Dagens Nyheter, a bankruptcy petition is just around the corner.
Every Dane loses millions in bankruptcy at Northvolt
The battery manufacturer is currently undergoing Chapter 11 restructuring in the US. Without a bankruptcy filing, the board members risk being personally liable for the battery giant's tax debts.
Thousands of employees in Skellefteå, Västerås and Stockholm are now facing unemployment. Northvolt has previously cut 1,600 employees in the hope of turning the economy around.
Just as new sources of financing have been sought in an attempt to stave off bankruptcy, investment interest has been limited. Volkswagen, the largest shareholder in the entire Swedish company, has said in advance that it will not provide any more help, at least financially.
A restructuring brought the company 2.7 billion Swedish kronor. But those funds have now apparently been exhausted. Northvolt has not wanted to comment on the current information.
If Northvolt goes bankrupt, all Danes will lose an awful lot of money. Several pension funds have invested heavily in the faltering battery venture in Sweden. Read more about it here .
