Northvolt Files for Chapter 11 Bankruptcy

(Reuters) – Northvolt, the Swedish maker of battery cells for electric vehicles, on Nov. 21 filed for Chapter 11 bankruptcy protection in the United States with debts of $5.8 billion and only $30 million in cash.

Northvolt's Creditors in Chapter 11 Filing

Unsecured Debt Facilities

Total Northvolt AB Debt: $3.9 billion

• Volta Convertible Instrument: due Aug. 17, 2027; $2.76 billion
• KfW Convertible Instrument: due June 30, 2028; $670 million
• VW Convertible Instrument: due Dec. 31, 2025; $330 million
• Shareholder Bridge Facility: due Aug. 14, 2025; $154 million

Secured Debt Facilities for Northvolt Ett (Northern Sweden)

Total Northvolt Ett Debt: $1.74 billion

• Euler Hermes Covered Term Loan: due Dec. 31, 2029; $470 million
• Northvolt Ett Second Lien: due June 30, 2030; $405 million
• EIB Term Loan: due Dec. 31, 2029; $313 million
• NEXI Covered Term Loan: due Dec. 31, 2029; $131 million
• Revolving WC Facility: due Dec. 31, 2029; $110 million
• KEXIM Term Loan: due Dec. 31, 2029; $87 million
• Northvolt Ett Inventory Financing: due Jan. 24, 2025; $72 million
• BPIAE Covered Term Loan: due Dec. 31, 2029; $67 million
• Commercial Uncovered Term Loan: due Dec. 31, 2029; $45 million
• Northvolt Ett Second Inventory Financing: due March 18, 2025; $42 million

Canadian Secure Debt Facility

• Northvolt Canada Land Loan: due Oct. 31, 2038; $181 million

Unsecured Creditors

Northvolt's unsecured creditors include major shareholders such as Goldman Sachs and Volkswagen, whose brands are customers of the battery maker. The largest creditor is Volta.

• Volta: $3.85 billion
• KFW: $696.0 million
• Volkswagen: $355.3 million
• Nordic Trustee and Agency: $154.0 million
• SFA Engineering: $30.2 million
• BHP Billiton Marketing: $30.2 million
• Axima Concept Sweden Filial: $21.5 million
• Wuxi Lead Intelligent Equipment: $19.7 million
• Easpring Technology (Changzhou): $16.9 million
• Bravida Sverige: $10.0 million
• Microsoft: $8.9 million
• Jiangsu Easpring Material Technology: $7.1 million
• LF: $6.3 million
• Tianqi Lithium Kwinana: $6.1 million
• Sodexo: $5.9 million
• Skellefteå Kraftaktiebolag: $5.5 million
• BNP Paribas: $5.2 million
• RJ And Collab: $5.0 million
• Goldman Sachs Bank Europe: $4.8 million
• Stena Recycling: $4.6 million
• Senior Material (Europe): $4.5 million
• Randstad: $4.3 million
• Kedali Sweden: $4.2 million
• Hanwha Momentum: $4.1 million
• Ventpartner I Västmanland: $4.1 million
• Kataoka Corporation: $4.0 million
• Axima Concept: $3.9 million
• J.P Morgan: $3.7 million
• CIS: $3.7 million
• Vakanta: $3.5 million