Northvolt subsidiary's bankruptcy reveals huge debts

Northvolt Expansion's October bankruptcy left SEK 6.9 billion in debts, including 5.7 billion owed to suppliers. The company's assets totaled SEK 1.3 billion.

That is reported by the newspaper Norran.

The company's debts at the time of bankruptcy were significantly higher than initially estimated, according to the bankruptcy statement. The company's debts were projected to be around SEK 3 billion, but have now been revealed to be SEK 6.9 billion.

"This is no ordinary bankruptcy. It is exceptionally large by Swedish standards. You could probably count similar bankruptcies in the past decade on two hands – maybe even one," says bankruptcy trustee Jonas Premfors.

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