UPDATE: 16:55
Norran spoke with bankruptcy trustee Mikael Kubu just minutes after Lyten was announced as the buyer of the bankrupt Northvolt company. On the phone, he said he was on his way to Skellefteå to attend the press conference scheduled for Friday morning.
He is noticeably relieved.
– Yes, absolutely. I'm relieved that we managed to finalise an agreement, he says.
Would you say it's a good deal?
– I can say that it's positive to have a buyer who can hold the assets together and who is taking over what is left. But it's probably not fair to say that it's a success for the creditors.
Because the purchase price doesn't cover the debts?
– No, absolutely not.
How much did they have to pay?
– I can't say. The purchase price is confidential.
The agreement was completely finalised last night after a long period of intensive work. According to Kubu, it has been especially hectic with long negotiations and complex agreements throughout July and August.
– It's been an enormous amount of work, not least in July, and many of us haven't had any vacation at all, he says.
At the same time, there has been pressure to get the agreement finalised in time.
– It has been a race against the clock. It costs a lot to maintain the factory, even though we have scaled back production and other things.
How much time would you say was left?
– Not much. It was a matter of weeks before we would have been forced to sell off the parts separately. And then there would have been no turning back.
Now what remains is regulatory approval and some administrative work before the takeover can take place. Until then, the bankrupt estate, along with the new buyer, is keeping the business running. Kubu believes that the takeover could happen in mid or late October.
Do you expect them to be approved in the regulatory review?
– Yes, as far as I know, there shouldn't be any issues. But it is primarily the buyer who is making that analysis, says Kubu.