The massive bankruptcy of Northvolt, announced early Wednesday morning, stands as the largest in modern Swedish history. Tasked with managing the approximately 58 billion kronor debt is Mikael Kubu, the appointed bankruptcy trustee responsible for ensuring all obligations are met.
Kubu emphasizes the importance of keeping production running smoothly, stating, “Our goal is to maintain all production. We are currently in negotiations with clients, and the continuity of production is crucial for the outcome.” With around 5,000 employees at stake, preserving production is essential, especially given the specialized expertise within Northvolt.
“In the development department in Västerås, we have many engineers with knowledge that is hard to find elsewhere. This expertise is needed to sustain production in Skellefteå,” Kubu explains.
Production is not only vital for sustaining operations but also for facilitating the potential sale of Northvolt. Kubu reveals that the company could be sold as a whole or divided into parts, with several interested parties already expressing their intentions.
“I cannot disclose the exact number of interested parties at this time, nor do I have a complete picture. However, prior to the bankruptcy, there were extensive discussions with new investors, which are now continuing through the sale of Northvolt,” Kubu notes, referring to the company’s ongoing restructuring process in the United States.
Regarding potential buyers, speculations arose last fall about Chinese entities acquiring portions of Northvolt’s operations. When asked whether foreign or domestic investors are more prominent, Kubu hints at a heavier emphasis on foreign interest but mentions the presence of Swedish contenders as well.
While Kubu remains hopeful for the company to remain in Sweden, he refrains from divulging specific details about the foreign investors’ origins.
As the bankruptcy trustee, Kubu now bears the ultimate responsibility for Northvolt. Predicting the timeline for winding down operations proves challenging, given the scale of the company’s collapse.
“With the magnitude of Northvolt’s bankruptcy, I have never handled such a large bankruptcy before,” Kubu remarks. When asked about the duration of the bankruptcy process, Kubu explains that as long as the estate can cover its expenses, there is no set time limit.
While the law stipulates that a bankruptcy should not exceed one year without “reasonable grounds,” Kubu suggests that most cases conclude within a shorter timeframe. The future of Northvolt remains uncertain, with Kubu at the helm navigating the complexities of this unprecedented situation.