The battery manufacturer Northvolt, which has the Danish pension fund ATP as a major shareholder with an ownership stake of 5.1 per cent, is in a major crisis and has been fighting to avoid bankruptcy in recent months. Last week, the company announced that 800 employees had to be fired in order to save the company.
Now, however, there seems to be a rescue on the way for the company. Because according to the Bloomberg news agency, an anonymous source with insight into the matter states that a rescue package of 300 million dollars (DKK 2.07 billion) is on its way to Northvolt. The money comes from some of the current shareholders as well as lenders and customers, and must help secure the company in the short term until a long-term solution can be put in place, writes Berlingske.
With an ownership stake of 5.1 per cent. ATP has an unusually large commitment to a single company for the pension fund. This has led to criticism from several sides of ATP's willingness to take risks with the Danes' pension funds, as the money will be lost in the event of bankruptcy.
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