Swedish-based electric car supplier Northvolt AB filed for Chapter 11 bankruptcy protection in the Southern District of Texas Thursday claiming liabilities and debts of nearly $6 billion but less than $30 million in available cash.
Northvolt AB, which has a Texas subsidiary and operates a flagship factory in the Arctic Circle, hired Kirkland & Ellis, Haynes Boone and A&O Shearman as its legal counsel. The names of the financial and restructuring advisors have not been released.
Bloomberg Law, in an article published Friday, quoted sources familiar with the bankruptcy stating that the Northvolt AB filed for bankruptcy in the U.S. because the legal systems structure is well known to current and future investors.
The case has been assigned to U.S. Bankruptcy Judge Alfredo Perez of Houston.
Haynes Boone partners Charles Beckham and Kelli Norfleet and associates David Trausch and Re’Necia Sherald are listed as lawyers on the first day petitions. Here is a link to the debtor’s public announcement: https://northvolt.com/articles/chapter11/.
The case is In re Northvolt AB, No. 24-90577.