The Swedish battery manufacturer Northvolt, which pension companies ATP, PFA Pension and Danica have invested in, among others, has filed for bankruptcy protection in the United States. This is reported by the news agency AFP. The plan is to continue operations during the reorganization of the company, it says.
According to the company, bankruptcy protection will enable the company to adapt to current customer needs. In September, the company laid off 1,600 employees - a quarter of its employees.
Northvolt has aimed to establish itself as a strong European competitor to Chinese manufacturers of batteries for electric cars. The company has BMW and Volkswagen among its owners, and several investment banks and pension companies have also invested in the company.
Northvolt has been hit by delays. This led to BMW dropping an order from the company worth two billion euros - or almost 15 billion. kr.
ATP has billions in the company
ATP - with whom all Danish employees save - has invested more than two billion kroner in Northvolt, just as PFA Pension and Danica Pension have money in a pinch in the form of three-digit million-kroner loans.
According to the business media Finans, the crisis has caused Danish pension funds to scale back their investments in the Swedish battery manufacturer.
The USA has extensive rules on bankruptcy protection, and therefore you can apply for bankruptcy protection even if you have your headquarters in another country.
Northvolt has applied for so-called chapter 11 treatment in the USA. When a company is taken under this type of treatment, it roughly means that a court negotiates with the creditors.
The company is also protected against being declared bankrupt by one of its creditors.
/ritzau/
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