Northvolt’s US Chapter 11 Dismissed After Swedish Bankruptcy

A federal judge on Tuesday dismissed Northvolt AB’s US restructuring proceeding after the Swedish battery maker sought bankruptcy in its home country.

• Judge Alfredo Perez granted Northvolt’s request to end the company’s Chapter 11 case in Texas in light of the Swedish bankruptcy, which is similar to a Chapter 7 liquidation
• A Swedish bankruptcy trustee has been overseeing Northvolt, which will continue to operate in its home country with a staff of 1,700. Its remaining employees will be laid off, Bloomberg News reported Monday
• Dismissal of the US Chapter 11 proceeding was expected following initiation of the Swedish bankruptcy ...