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The battery maker’s bankruptcy lawyer argued in a letter to creditors that Chapter 11 processes cover all countries
Bloomberg News
The steps to recover claims “violate United States federal law and an order from the U.S. Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper Dagens Industri.
Earlier this month, Sweden’s debt-collection authority seized some cash from the battery maker’s bank accounts, acting on behalf of local creditors left stranded by the company’s U.S. bankruptcy filing.
Claims with the authority at that time stood about at about 606 million Swedish kronor, or US$54 million, of which about 15 million kronor have been deemed actionable. The authority told Bloomberg News that the U.S. procedure has no effect on its collection work.
In his letter, Greco argued that the Chapter 11 process covers all countries, according to the article. The lawyer declined to comment to Bloomberg News.
“We can confirm that our legal advisors have informed a few claimants about the potential consequences of violating a Chapter 11 process, which we feel obliged to do as we’re under the process,” a spokesperson for Northvolt said in emailed comments.
Bloomberg.com
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