/raid1/www/Hosts/bankrupt/TCREUR_Public/250101.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, January 1, 2025, Vol. 26, No. 1
Headlines
I R E L A N D
ANCHORAGE CAPITAL 8: S&P Assigns B- (sf) Rating to Class F-R Notes
FIDELITY GRAND 2019-1: S&P Assigns B- (sf) Rating to Cl. F-R Notes
ICG EURO 2022-1: S&P Assigns B- (sf) Rating to Class F-R Notes
MADISON PARK XIX: S&P Assigns B- (sf) Rating to Class F-R Notes
S W E D E N
INTRUM AB: Quinn Emanuel Files Supplemental 2019 Statement
INTRUM AB: Quinn Emanuel Updates List of 2025 Noteholders
INTRUM AB: Reaches Accord with Holdout Creditors
INTRUM AB: Seeks to Hire Kroll Restructuring as Claims Agent
NORTHVOLT AB: Case Summary & 30 Largest Unsecured Creditors
NORTHVOLT AB: Open to Recapitalization or Sale in Chapter 11
NORTHVOLT AB: Outgoing CEO Says Restructuring in Sweden Possible
NORTHVOLT AB: Scania to Lend $100-Mil. Under Ch. 11 Deal
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I R E L A N D
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ANCHORAGE CAPITAL 8: S&P Assigns B- (sf) Rating to Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Anchorage Capital
Europe CLO 8 DAC's class A-R to F-R European cash flow CLO notes.
At closing, the issuer had unrated subordinated notes outstanding
from the existing transaction.
This transaction is a reset of an existing transaction that
originally closed on June 28, 2023. The existing classes of notes
were fully redeemed with the proceeds from the issuance of the
replacement notes on the reset date. At the same time, S&P withdrew
its ratings on the redeemed notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.
The portfolio's reinvestment period will end approximately 4.57
years after closing, and its non-call period will end 1.5 years
after closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2789.92
Default rate dispersion 539.61
Weighted-average life (years) 4.45
Weighted-average life extended to cover
the length of the reinvestment period (years) 4.57
Obligor diversity measure 125.24
Industry diversity measure 17.86
Regional diversity measure 1.15
Transaction key metrics
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 2.47
Target 'AAA' weighted-average recovery (%) 36.01
Target weighted-average spread (net of floors; %) 3.99
Target weighted-average coupon (%) 5.88
Rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified as of the closing date,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.
"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread (3.99%), the covenanted
weighted-average coupon (5.25%), and the target weighted-average
recovery rates at all rating levels, as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B1-R to F-R notes benefits from
break-even default rate and scenario default rate cushions that we
would typically consider commensurate with higher ratings than
those assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes. The
class A-R notes can withstand stresses commensurate with the
assigned rating.
"Until the end of the reinvestment period on July 25, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained."
Following the end of the reinvestment period, certain assets can be
substituted as long as they meet the reinvestment criteria.
S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings as of the closing date.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to F-R notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."
Anchorage Capital Europe CLO 8 DAC securitizes a portfolio of
primarily senior secured leveraged loans and bonds, and is managed
by Anchorage CLO ECM, LLC.
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, obligors deriving revenue from
certain industries like production of palm oil, affecting animal
welfare etc. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Ratings
Amount Credit
Class Rating* (mil. EUR) Interest rate§ enhancement (%)
A-R AAA (sf) 248.00 3mE +1.34% 38.00
B1-R AA (sf) 33.40 3mE +2.10% 27.15
B2-R AA (sf) 10.00 4.70% 27.15
C-R A (sf) 22.40 3mE +2.50% 21.55
D-R BBB- (sf) 27.60 3mE +3.50% 14.65
E-R BB- (sf) 20.60 3mE +6.00% 9.50
F-R B- (sf) 12.00 3mE +8.25% 6.50
Subordinated NR 46.50 N/A N/A
*The ratings assigned to the class A-R, B1-R, and B2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R to F-R notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month EURIBOR.
FIDELITY GRAND 2019-1: S&P Assigns B- (sf) Rating to Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fidelity Grand
Harbour CLO 2019-1 DAC's class A-R to F-R European cash flow CLO
notes. The issuer also had unrated subordinated notes outstanding
from the existing transaction and issued an additional EUR100,000
subordinated notes.
This transaction is a reset of an existing transaction that S&P did
not rate. The original transaction closed on Aug. 22, 2019.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.
The portfolio's reinvestment period ends approximately five years
after closing, and its non-call period ends two years after
closing.
The ratings reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,894.09
Default rate dispersion 531.61
Weighted-average life (years) 3.99
Weighted-average life extended
to cover the length of the reinvestment period (years) 5.00
Obligor diversity measure 100.01
Industry diversity measure 20.40
Regional diversity measure 1.16
Transaction key metrics
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 1.49
Target 'AAA' weighted-average recovery (%) 37.15
Identified 'AAA' weighted-average recovery (%) 36.91
Target weighted-average spread (net of floors; %) 4.21
Target weighted-average coupon (%) 4.15
Defaulted assets balance (mil. EUR) 4.00
Rationale
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.
"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.00%), the
covenanted weighted-average coupon (4.00%), and the identified
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to E-R notes benefits from
break-even default rate and scenario default rate cushions that we
would typically consider commensurate with higher ratings than
those assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes. The
class A-R and F-R notes can withstand stresses commensurate with
the assigned ratings.
"Until the end of the reinvestment period on Dec. 30, 2029, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes." This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
Following the end of the reinvestment period, certain assets can be
substituted as long as they meet the reinvestment criteria.
S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.
“Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to F-R notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."
The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds. The transaction is managed by FIL
Investments International, which was purchased by FMR Investment
Management (UK) Ltd. in November 2024. The purchase is expected to
be completed in January 2025.
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, obligors deriving revenue from
certain industries like production of palm oil, affecting animal
welfare etc. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."
Ratings
Amount Credit
Class Rating* (mil. EUR) Interest rate§ enhancement (%)
A-R AAA (sf) 248.00 3mE +1.30% 38.00
B-R AA (sf) 40.60 3mE +2.00% 27.85
C-R A (sf) 22.80 3mE +2.40% 22.15
D-R BBB- (sf) 29.00 3mE +3.25% 14.90
E-R BB- (sf) 21.20 3mE +6.00% 9.60
F-R B- (sf) 12.40 3mE +8.51% 6.50
Sub NR 35.81 N/A N/A
*The ratings assigned to the class A-R and B-R notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C-R to F-R notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable. 3
mE--Three-month EURIBOR.
ICG EURO 2022-1: S&P Assigns B- (sf) Rating to Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned credit ratings to ICG Euro CLO 2022-1
DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. The
issuer has also issued EUR32.00 million of unrated subordinated
notes and EUR1 million of class Z notes.
This transaction is a reset of an existing transaction that
originally closed on May 27, 2022. The existing classes of notes
were fully redeemed with the proceeds from the issuance of the
replacement notes on the reset date. At the same time, S&P withdrew
its ratings on the redeemed notes.
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 5.13 years after
closing.
S&P said, "We performed our analysis on the portfolio provided to
us by the manager. The portfolio we received contained EUR410.6
million of performing assets. As part of our credit and cash flow
analysis we therefore conducted some additional sensitivities
should the portfolio become subject to negative selection to get
down to the EUR400 million target par (i.e. the highest rated
assets are sold). We consider the portfolio to be well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs."
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,847.29
Default rate dispersion 554.45
Weighted-average life (years)including
reinvestment period 5.13
Weighted-average life (years)excluding
reinvestment period 4.51
Obligor diversity measure 107.78
Industry diversity measure 22.71
Regional diversity measure 1.31
Weighted-average rating B
'CCC' category rated assets (%) 2.29
Actual 'AAA' weighted-average recovery rate (%) 36.20
Floating-rate assets (%) 93.19
Actual weighted-average spread (net of floors; %) 4.37
S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, a covenanted weighted-average spread of 4.20%,
and the actual portfolio's weighted-average recovery rates. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to F-R notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, the CLO benefits from a reinvestment period
until Feb. 15, 2030, during which the transaction's credit risk
profile could deteriorate, subject to the results of our CDO
Monitor tests. We therefore capped our ratings assigned to the
notes.
"U.S. Bank Europe DAC is the bank account provider and custodian.
Its documented replacement provisions are in line with our
counterparty criteria for liabilities rated up to 'AAA'.
"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk to be sufficiently
mitigated at the assigned ratings.
"We consider the issuer to be bankruptcy remote, in accordance with
our legal criteria.
"The CLO is managed by Intermediate Capital Managers Ltd. Under our
"Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R to E-R
notes to four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the
following:
-- Weapons of mass destruction, including radiological, nuclear,
biological, and chemical weapons;
-- Tobacco production such as cigars, cigarettes, e-cigarettes,
smokeless tobacco, dissolvable and chewing tobacco or any obligor
that is classified as "tobacco";
-- Predatory or payday lending;
-- Pornographic materials or content, or prostitution-related
activities;
-- Trading in endangered or protected wildlife;
-- Trading of illegal drugs or narcotics;
-- Any obligor that is an electrical utility where carbon
intensity is greater than 100g CO2/kWh;
-- Any obligor that derives more than 50% of its revenue from the
trade in hazardous chemicals, pesticides, waste, or ozone-depleting
substances;
-- Any obligor where more than 10% of its revenue is derived from
weapons, tailormade components, or civilian firearms;
-- Any obligor that generates more than 1% of revenues from
thermal coal or coal-based power generation, oil sands, or fossil
fuels from unconventional sources; or
-- Any obligor that is an oil and gas producer that derives less
than 40% of its revenue from natural gas or renewables, or that has
reserves of less than 20% deriving from natural gas.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities.
ICG Euro CLO 2022-1 DAC securitizes a pool of primarily syndicated
senior secured loans or bonds.
Ratings list
Amount
Class Rating* (mil. EUR) Interest rate§ Subordination
(%)
A-R AAA (sf) 248.00 3mE + 1.30% 38.00
B-1-R AA (sf) 35.00 3mE + 2.00% 27.00
B-2-R AA (sf) 9.00 5.00% 27.00
C-R A (sf) 24.00 3mE + 2.50% 21.00
D-R BBB- (sf) 28.00 3mE + 3.80% 14.00
E-R BB- (sf) 18.00 3mE + 6.23% 9.50
F-R B- (sf) 11.00 3mE + 8.65% 6.75
Z NR 1.00 N/A N/A
Sub notes NR 32.00 N/A N/A
*The ratings assigned to the class A-R, B-1-R, and B-2-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R, D-R, E-R, and F-R notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate when a frequency
switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
3mE--Three-month EURIBOR.
NR--Not rated.
N/A--Not applicable.
MADISON PARK XIX: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Madison Park Euro
Funding XIX DAC's class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, E-R,
and F-R notes.
The issuer also issued EUR1 million unrated additional subordinated
notes. There are also unrated subordinated notes outstanding from
the original transaction.
This transaction is a reset of the already existing transaction.
The existing notes were fully redeemed with the proceeds from the
issuance of the replacement notes on the reset date and the ratings
on the original notes have been withdrawn.
The ratings assigned to the reset notes reflect S&P's assessment
of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated reset notes through collateral selection,
ongoing portfolio management, and trading.
-- The issuer's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,842.68
Default rate dispersion 445.91
Weighted-average life (years) 4.40
Weighted-average life (years) extended
to match reinvestment period 4.54
Obligor diversity measure 140.20
Industry diversity measure 23.75
Regional diversity measure 1.20
Weighted-average rating B
'CCC' category rated assets (%) 1.21
Actual 'AAA' weighted-average recovery rate 36.36
Actual weighted-average spread (net of floors; %) 4.19
Actual weighted-average coupon (%) 5.27
S&P said, "The target portfolio is well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modelled the EUR400 million target
par amount, the covenanted weighted-average spread of 3.90%, and
the covenanted weighted-average coupon of 5.00%. We have assumed
actual weighted-average recovery rates at all rating levels below
'AAA'. At the 'AAA' rating level, we used the covenanted
weighted-average recovery rate of 36.00% provided by the manager.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"The portfolio manager may, at any time, and without regard to the
eligibility criteria, acquire workout obligations to enhance and
protect the recovery value of a defaulted obligation from the same
obligor. All funds required for the purchase of such obligations
may be paid out of the supplemental reserve account, the interest
account, or the principal account.
"Regarding the principal account, the portfolio manager may only
use it if each of the class A-R/B-R, C-R, and D-R par value tests
are satisfied, or if the total collateral balance remains above the
reinvestment target par balance immediately after the purchase. All
distributions associated with such purchases will be deposited in
the principal account."
Workout obligations will not be taken into account for determining
satisfaction of any of the coverage tests, portfolio profile tests,
or collateral quality tests. Only workout obligations purchased
with principal proceeds will be given the following credit:
-- For the adjusted collateral principal amount, workout
obligations that satisfy all of the eligibility criteria will be
deemed to be collateral debt obligations; and
-- For the par value tests (including the class F-R par value test
for the life of the deal), workout obligations that satisfy certain
of the eligibility criteria will be deemed to be defaulted
obligations only if each par value test is passing without giving
any credit to any such workout obligation.
S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.
"The CLO is managed by Credit Suisse Asset Management Ltd. Under
our operational risk criteria, the maximum potential rating on the
liabilities is 'AAA'.
"Until the end of the reinvestment period on July 15, 2029, the
collateral manager can substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
"Our credit and cash flow analysis show that the class B-1-R,
B-2-R, C-R, D-R, and E-R notes benefit from break-even default rate
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO will have a reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes. The class A-1-R, A-2-R, and F-R notes can
withstand stresses commensurate with the assigned ratings.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.
"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1-R to E-R
notes, based on four hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. For this transaction,
the documents prohibit assets from being related to activities that
are identified as not compliant with international treaties on
controversial weapons; to activities that evidence severe
weaknesses in business conduct and governance in relation to the
United Nations Global Compact Principles; production or trade of
illegal drugs or narcotics; trades in endangered or protected
wildlife; or usage of child or forced labor.
"Since the exclusion of assets related to these activities does not
result in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."
Ratings list
Amount Credit
Class Rating* (mil. EUR) Interest rate§ enhancement
(%)
A-1-R AAA (sf) 244.00 3M EURIBOR + 1.29% 39.00
A-2-R AAA (sf) 8.00 3M EURIBOR + 1.85% 37.00
B-1-R AA (sf) 31.00 3M EURIBOR + 1.95% 26.75
B-2-R AA (sf) 10.00 4.90% 26.75
C-R A (sf) 23.00 3M EURIBOR + 2.50% 21.00
D-R BBB- (sf) 28.00 3M EURIBOR + 3.35% 14.00
E-R BB- (sf) 18.00 3M EURIBOR + 5.93% 9.50
F-R B- (sf) 12.00 3M EURIBOR + 8.20% 6.50
Sub. Notes NR 29.60 N/A N/A
*S&P's ratings on the class A-1-R, A-2-R, B-1-R, and B-2-R notes
address timely payment of interest and ultimate payment of
principal, while our ratings on the class C-R to F-R notes address
the ultimate payment of interest and principal.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
===========
S W E D E N
===========
INTRUM AB: Quinn Emanuel Files Supplemental 2019 Statement
----------------------------------------------------------
The law firm of Quinn Emanuel Urquhart & Sullivan, LLP filed a
supplemental verified statement pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of Intrum AB and affiliates, the firm represents
Ad Hoc Committee ("AHC") of holders of 2025 notes.
On or around October 23, 2024, certain parties of the AHC retained
Quinn Emanuel to represent their interests as holders of 2025
notes
issued by Intrum (the "Notes") in connection with these Chapter 11
Cases, for the purpose of enforcing their rights and remedies with
respect to the Notes. Since then, TQ Master Fund LP has joined the
AHC. Each member of the AHC has consented to Quinn Emanuel's
representation.
Quinn Emanuel represents only the AHC and does not represent or
purport to represent any other individuals or entities other than
the AHC with respect to the Chapter 11 Cases. Additionally,
neither
the AHC nor any member of the AHC (a) assumes any fiduciary or
other duties to any other creditor, equity holder or person or (b)
purport to act, represent or speak on behalf of any other entities
in connection with the Chapter 11 Cases.
The Ad Hoc Committee Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Boundary Creek Master Fund LP
340 Madison Ave, 12th Floor
New York, NY 10173
* Intrum AB 4.875% 08/15/2025 (EUR37,400,000)
* Intrum CDS EUR 06/20/25 (EUR11,000,000) (sold)
* Intrum CDS EUR 12/20/26 (EUR30,000,000)
* Intrum CDS EUR 06/20/27 (EUR10,000,000)
* Intrum CDS EUR 12/20/27 (EUR5,000,000)
* Intrum CDS EUR 6/20/29 (EUR3,000,000)
2. CF INT Holdings Designated Activity Company
1st Floor Cape House, Westend Office Park
Snugborough Rd, Blanchardstown, Dublin 15, Ireland
* Intrum AB 11.875% 07/03/2025 (SEK40,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR72,500,000)
* Intrum AB - Revolving Credit Facility (EUR1,996.86)
* Intrum AB - Revolving Credit Facility (SEK63,952,366.61)
* Intrum AB - Revolving Credit Facility (NOK6,242,140.36)
3. Caius Capital Master Fund
PO Box 309 Ugland House Grand Cayman
Cayman Islands KY1-1104
* Intrum AB 4.875% 08/15/2025 (EUR38,982,000)
* SEK FRN 2025 9/12 (SEK34,000,000)
4. Diameter Master Fund LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
Intrum AB 11.875% 07/03/2025 (SEK29,700,000)
* Intrum AB 4.875% 08/15/2025 (EUR57,950,000)
* SEK FRN 2025 9/12 (SEK8,900,000)
* SEK FRN 2025 7/03 (SEK5,950,000)
* SEK FRN Sep-26 (SEK8,900,000)
5. Diameter Dislocation Master Fund II LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
* Intrum AB 11.875% 07/03/2025 (SEK10,300,000)
* Intrum AB 4.875% 08/15/2025 (SEK20,050,000)
* SEK FRN 2025 9/12 (SEK3,100,000)
* SEK FRN 2025 7/03 (SEK2,050,000)
* SEK FRN Sep-26 (SEK3,100,000)
6. Fir Tree Credit Opportunity Master Fund, LP
89 Nexus Way, Camana Bay
Grand Cayman KY1-1205
* Intrum AB STIB3M+4.6 % 09/12/2025 (SEK30,000,000)
* Intrum AB 11.875% 07/03/2025 (SEK24,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR15,680,000)
* Intrum CDS EUR SR 12/20/28 (EUR3,000,000)
* Intrum CDS EUR 6/20/29 (EUR13,080,000)
* Intrum CDS EUR 06/20/31 (EUR5,000,000)
7. Star V Partners LLC
2100 West End Ave., Suite 1000
Nashville, TN 37203
* Intrum AB 4.875% 815/25 (EUR3,249,000)
* SEK FRN 2025 9/12 (SEK2,000,000)
8. TQ Master Fund LP
331 Park Ave South, 3rd Floor
New York, NY 10010
* Intrum AB 4.875% 08/15/2025 (EUR10,000,000)
* Intrum CDS EUR 6/20/29 (EUR10,000,000)
Counsel to the Ad Hoc Committee:
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Christopher D. Porter, Esq.
Joanna D. Caytas, Esq.
Melanie A. Guzman, Esq.
700 Louisiana Street, Suite 3900
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: christopherporter@quinnemanuel.com
joannacaytas@quinnemanuel.com
melanieguzman@quinnemanuel.com
-and-
Benjamin I. Finestone (pending pro hac vice)
Sascha N. Rand (pending pro hac vice)
Katherine A. Scherling (pending pro hac vice)
51 Madison Avenue, 22nd Floor
New York, NY 10010
Telephone: (212) 849-7000
Facsimile: (212) 849-7100
Email: benjaminfinestone@quinnemanuel.com
sascharand@quinnemanuel.com
katescherling@quinnemanuel.com
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden
and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum.
Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to
the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds 76% of the total commitments under the RCF (the "RCF Steerco
Group").
INTRUM AB: Quinn Emanuel Updates List of 2025 Noteholders
---------------------------------------------------------
The law firm of Quinn Emanuel Urquhart & Sullivan, LLP filed a
second supplemental verified statement pursuant to Rule 2019 of
the
Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 cases of Intrum AB and affiliates, the firm represents
Ad Hoc Committee ("AHC") of holders of 2025 notes.
On or around October 23, 2024, certain parties of the AHC retained
Quinn Emanuel to represent their interests as holders of 2025
notes
issued by Intrum (the "Notes") in connection with these Chapter 11
Cases, for the purpose of enforcing their rights and remedies with
respect to the Notes. Since then, TQ Master Fund LP has joined the
AHC. Each member of the AHC has consented to Quinn Emanuel's
representation.
Quinn Emanuel represents only the AHC and does not represent or
purport to represent any other individuals or entities other than
the AHC with respect to the Chapter 11 Cases. Additionally,
neither
the AHC nor any member of the AHC (a) assumes any fiduciary or
other duties to any other creditor, equity holder or person or (b)
purport to act, represent or speak on behalf of any other entities
in connection with the Chapter 11 Cases.
The Ad Hoc Committee Members' address and the nature and amount of
disclosable economic interests held in relation to the Debtors
are:
1. Boundary Creek Master Fund LP
340 Madison Ave, 12th Floor
New York, NY 10173
* Intrum AB 4.875% 08/15/2025 (EUR37,400,000)
* Intrum CDS EUR 06/20/25 (EUR11,000,000) (sold)
* Intrum CDS EUR 12/20/26 (EUR30,000,000)
* Intrum CDS EUR 06/20/27 (EUR10,000,000)
* Intrum CDS EUR 12/20/27 (EUR5,000,000)
* Intrum CDS EUR 6/20/29 (EUR3,000,000)
2. CF INT Holdings Designated Activity Company
1st Floor Cape House, Westend Office Park
Snugborough Rd, Blanchardstown, Dublin 15, Ireland
* Intrum AB 11.875% 07/03/2025 (SEK40,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR72,500,000)
* Intrum AB - Revolving Credit Facility (EUR1,996.86)
* Intrum AB - Revolving Credit Facility (SEK63,952,366.61)
* Intrum AB - Revolving Credit Facility (NOK6,242,140.36)
3. Caius Capital Master Fund
PO Box 309 Ugland House Grand Cayman
Cayman Islands KY1-1104
* Intrum AB 4.875% 08/15/2025 (EUR38,982,000)
* SEK FRN 2025 9/12 (SEK34,000,000)
4. Diameter Master Fund LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
Intrum AB 11.875% 07/03/2025 (SEK29,700,000)
* Intrum AB 4.875% 08/15/2025 (EUR57,950,000)
* SEK FRN 2025 9/12 (SEK8,900,000)
* SEK FRN 2025 7/03 (SEK5,950,000)
* SEK FRN Sep-26 (SEK8,900,000)
5. Diameter Dislocation Master Fund II LP
Maples Corporate Services Lmtd.,
Ugland House, South Church St, PO Box 309
Grand Cayman KY1-1104
* Intrum AB 11.875% 07/03/2025 (SEK10,300,000)
* Intrum AB 4.875% 08/15/2025 (SEK20,050,000)
* SEK FRN 2025 9/12 (SEK3,100,000)
* SEK FRN 2025 7/03 (SEK2,050,000)
* SEK FRN Sep-26 (SEK3,100,000)
6. Fir Tree Credit Opportunity Master Fund, LP
89 Nexus Way, Camana Bay
Grand Cayman KY1-1205
* Intrum AB STIB3M+4.6 % 09/12/2025 (SEK30,000,000)
* Intrum AB 11.875% 07/03/2025 (SEK24,000,000)
* Intrum AB 4.875% 08/15/2025 (EUR15,680,000)
* Intrum CDS EUR SR 12/20/28 (EUR3,000,000)
* Intrum CDS EUR 6/20/29 (EUR13,080,000)
* Intrum CDS EUR 06/20/31 (EUR5,000,000)
7. MAP 204 Segregated Portfolio, a segregated portfolio of LMA SPC
Walkers Corporate Lmtd., 190 Elgin Avenue
George Town, Grand Cayman KY1-9008
* Intrum AB 4.875% 08/15/2025 (EUR1,039,000)
8. Star V Partners LLC
2100 West End Ave., Suite 1000
Nashville, TN 37203
* Intrum AB 4.875% 815/25 (EUR3,249,000)
* SEK FRN 2025 9/12 (SEK2,000,000)
9. TQ Master Fund LP
331 Park Ave South, 3rd Floor
New York, NY 10010
* Intrum AB 4.875% 08/15/2025 (EUR10,000,000)
* Intrum CDS EUR 6/20/29 (EUR10,000,000)
Counsel to the Ad Hoc Committee:
QUINN EMANUEL URQUHART & SULLIVAN, LLP
Christopher D. Porter, Esq.
Joanna D. Caytas, Esq.
Melanie A. Guzman, Esq.
700 Louisiana Street, Suite 3900
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: christopherporter@quinnemanuel.com
joannacaytas@quinnemanuel.com
melanieguzman@quinnemanuel.com
-and-
Benjamin I. Finestone (pending pro hac vice)
Sascha N. Rand (pending pro hac vice)
Katherine A. Scherling (pending pro hac vice)
51 Madison Avenue, 22nd Floor
New York, NY 10010
Telephone: (212) 849-7000
Facsimile: (212) 849-7100
Email: benjaminfinestone@quinnemanuel.com
sascharand@quinnemanuel.com
katescherling@quinnemanuel.com
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden
and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum.
Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to
the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds 76% of the total commitments under the RCF (the "RCF Steerco
Group").
INTRUM AB: Reaches Accord with Holdout Creditors
------------------------------------------------
Dorothy Ma and Jonathan Randles of Bloomberg News report that
Intrum AB has reached an agreement with a group of noteholders,
addressing a key challenge in its restructuring efforts in U.S.
bankruptcy court.
Andrew M. Leblanc, an attorney for the company, stated during a
hearing in Texas on Monday, December 16, 2024, that the agreement
was finalized ahead of the court session, the report relates.
However, it is still subject to approval from other involved
parties, a process that is currently underway, the report adds.
About Intrum AB
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum.
Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds 76% of the total commitments under the RCF (the "RCF Steerco
Group").
INTRUM AB: Seeks to Hire Kroll Restructuring as Claims Agent
------------------------------------------------------------
Intrum AB seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Kroll Restructuring
Administration LLC as its claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtors' Chapter 11 cases.
Prior to the petition date, the Debtors provided Kroll an advance
in the amount of $50,000.
Benjamin Steele, managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
About Intrum
Intrum AB is a provider of credit management services with a
presence in 20 markets in Europe. By helping companies to get paid
and supporting people with their late payments, Intrum leads the
way to a sound economy and plays a critical role in society at
large. Intrum has circa 10,000 dedicated professionals who serve
around 80,000 companies across Europe. In 2023, income amounted to
SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and
publicly listed on the Nasdaq Stockholm exchange. On the Web:
http://www.intrum.com/
On November 15, 2024, Intrum AB and U.S. affiliate Intrum AB of
Texas LLC each filed a voluntary petition for the relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas (Bankr.
S.D. Tex. Lead Case No. 24-90575) to seek confirmation of their
Prepackaged Reorganization Plan.
The cases are pending before the Honorable Christopher M. Lopez.
Milbank LLP and Porter Hedges LLP are serving as counsel in the
U.S. restructuring. Houlihan Lokey is the advisor to Intrum. Kroll
Issuer Services Limited is the information agent. Kroll
Restructuring Administration is the claims agent. Brunswick Group
is also serving as advisers to Intrum.
Latham & Watkins LLP and Latham & Watkins (London) LLP, and
Advokatfirmaet Schjodt AS, are advising a group of bondholders
holding widely across Intrum AB's notes issuances (the "Notes Ad
Hoc Group"). PJT Partners (UK) Limited is financial advisor to the
noteholder ad hoc group.
Weil Gotshal & Manges LLP is representing a group of short-dated
bondholders holding primarily 2024- and 2025-maturing notes
("Minority Ad Hoc Group").
Ropes & Gray LLP is representing another minority group of
bondholders.
Clifford Chance US LLP is counsel to the group that collectively
holds approximately 76% of the total commitments under the RCF
(the
"RCF Steerco Group").
NORTHVOLT AB: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Northvolt AB
Alstromergatan 20
Stockholm, Sweden 112 47
Business Description: Northvolt produces high-performance
batteries for electric vehicles and large-
scale energy storage systems. Northvolt
also invests heavily in research and
development to advance battery chemistry,
design, and production methods. In
addition, the Company prioritizes
recycling efforts to recover valuable
materials from end-of-life batteries.
Chapter 11 Petition Date: November 21, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Nine affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Northvolt AB (Lead Case) 24-90577
NV Texas, LLC 24-90576
Cuberg, Inc. 24-90578
Northvolt Ett AB 24-90579
Northvolt Ett Fastighetsforvaltning AB 24-90580
Northvolt Labs AB 24-90581
Northvolt Poland sp. z.o.o. 24-90582
Northvolt Revolt AB 24-90583
Northvolt Systems AB 24-90584
Debtors'
General
Bankruptcy
Counsel: KIRKLAND & ELLIS LLP AND
KIRKLAND & ELLIS INTERNATIONAL LLP
Debtors'
Local
Bankruptcy
Counsel: Charles A. Beckham, Jr., Esq.
HAYNES AND BOONE, LLP
1221 McKinney Street, Suite 4000
Houston Texas 77010
Tel: (713) 547-2000
Email: charles.beckham@haynesboone.com
Debtors'
Financial
Advisor: TENEO CAPITAL LLC
Debtors'
Investment
Banker: N.M. ROTHSCHILD & SONS LIMITED
Debtors'
Claims,
Noticing,
Solicitation &
Administrative
Agent: STRETTO, INC.
Debtors'
Swedish
Counsel: MANNHEIMER SWARTLING ADVOKATBYRA AB
Lead Debtor's
Estimated Assets: $1 billion to $10 billion
Lead Debtor's
Estimated Liabilities: $1 billion to $10 billion
The petitions were signed by Pia Aaltonen-Forsell as chief
financial officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/L3WQPNI/Northvolt_AB__txsbke-24-90577__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Volta Volta $3,850,188,187
Lise-Meitner-Alle 19 Convertible
Bochum, 44801 Germany Note
Attn: Lukas Akeme
Email: MARVIN.LEITMANN@VOLTAVISION.DE
2. KFW Subordinated $695,965,705
Palmengartenstrabe 5 Note
Frankfurt AM Main, 60325 Germany
Attn: Manuel Wawrik
Email: MANUEL.WAWRIK@KFW.DE
3. Volkswagen Convertible $355,286,662
Industriestrasse Agreement
Nord, Volkswagenwerk
Salzgitter, 38231 Germany
Attn: Legal Department
4. Nordic Trustee and Agency (PUBL) Shareholder $154,000,000
Norrlandsgatan 16 Bridge
Stockholm, 111 43 Sweden Facility
Attn: Legal Department Agreement
Tel: 4687837900
Email: SWEDEN@NORDICTRUSTEE.COM
5. SFA Engineering Corp. Trade Vendor $30,177,985
Dongtansunhwandaero 29-GIL 25
Hwaseong-Si, 18472 Korea, Republic of
Attn: Taehyung Lee
Email: TAEHYUNG.LEE@SFA.CO.KR
6. BHP Billiton Marketing AG Trade Vendor $30,156,103
10 Marina Boulevard #18-01, Marina Bay
Financial Centre Tower 2
Singapore, Singapore
Attn: Lon Untalan
Email: LON.UNTALAN@BHP.COM
7. Axima Concept Sweden Filial Trade Vendor $21,539,705
Odinsgatan 28
Goteborg, 411 03 Sweden
Attn: Sophie Granju
Email: SOPHIE.GRANJU@EQUANS.COM
8. Wuxi Lead Intelligent Trade Vendor $19,662,071
Equipment Co, Ltd
NO. 20 Xinxi Road, Xinwu District
Wuxi, China
Attn: Cen Ziyu
Email: SHENJIA.DONG@LEADCHINA.CN
9. Easpring Technology (Changzhou) Trade Vendor $16,904,600
New Material Co., Ltd.
NO.155 Jincheng Avenue Jintan District
Changzhou City
Changzhou, 213200 China
Attn: Sherry Zhuang
10. Bravida Sverige AB Trade Vendor $10,032,324
Mikrofonvagen 28
Hagersten, 126 38 Sweden
Attn: Olov Danielsson
Tel: 46706028323
Email: ANDERS.ATTEFJORD@BRAVIDA.SE
11. Microsoft AB Trade Vendor $8,908,034
Regeringsgatan 25
Stockholm, 111 53 Sweden
Attn: Legal Department
Email: EMEAOOWI@MICROSOFT.COM
12. Jiangsu Easpring Material Trade Vendor $7,075,200
Technology Co., Ltd
Yangtze River Road, Eastern, Lingdian
Industrial Concentration Zone,
Linjiang District, Haimen, Jiangsu,
226133 China
Attn: Crissy (Chang) Jiang
Email: SALE@EASPRING.COM.CN
13. LF Co, Ltd Trade Vendor $6,251,703
11, Igokdong-Ro, Dalseo-Gu, Daegu,
Republic of Korea
Daegu, 42620 Korea, Republic Of
Attn: Evelyn Lee
Email: LCHAEW@LANDF.CO.KR
14. Tianqi Lithium Kwinana Pty Ltd Trade Vendor $6,092,190
61 Donaldson Rd
Kwinana Beach, 6167 Australia
Attn: Christopher Coutinho
Email: JESSICA.YU@TIANQILITHIUM.COM.AU
15. Sodexo AB Trade Vendor $5,880,104
Dalvagen 22
Solna, 169 79 Sweden
Attn: Johan Israelsson
Email: DAMON.NIKKA@SODEXO.COM
16. Skelleftea Kraftaktiebolag Trade Vendor $5,507,600
Kanalgatan 71
Skelleftea, 931 80 Sweden
Attn: Tomas Ladas
Email: MAJA.FORSMAN@SKEKRAFT.SE
17. BNP Paribas SA Trade Vendor $5,217,212
16 BD DES Italiens
Paris, 75009 France
Attn: Legal Department
Email: GROUP.GSS.S2P.MIDDLE.OFFICE@BN
PPARIBAS.COM
18. RJ and Collab Gmbh Trade Vendor $5,032,832
Gostritzer Str 65
Dresden, 1217 Germany
Attn: RJ Young
Email: YOUNG-EUM@RJNCOLLAB.COM
19. Goldman Sachs Bank Europe SE Trade Vendor $4,777,542
Marienturmtaunusanlage 9-10
Frankfurt AM Main, 60329 Germany
Attn: Legal Department
Email: IBDINVOICING@GS.COM
20. Stena Recycling AB Trade Vendor $4,605,394
Box 68
Hallstahammar, 734 22 Sweden
Attn: Angelica Oberg
Tel: 0736 28 40 84
Email: ANGELICA.OBERG@STENARECYCLING.SE
21. Senior Material (Europe) AB Trade Vendor $4,548,453
Svista Lagervag 8
Eskilstuna, 633 62 Sweden
Attn: Sophie Chen
Tel: +46 76 697 40 87
Email: ORDER.RECEIVING@SENIOR798.EU
22. Randstad AB Trade Vendor $4,265,556
Rattarvagen 3
Solna, 169 68 Sweden
Attn: Sussane Holmberg
Email: KUNDFAKTUROR@RANDSTAD.SE
23. Kedali Sweden AB Trade Vendor $4,237,991
Torsgatan 122
Skelleftea, 931 96 Sweden
Attn: Yu Jin
Email: YU.JIN@KEDALI.SE
24. Hanwha Momentum Trade Vendor $4,100,559
20 Pangyoyeok-Ro 241BEON-GIL,
Bundang-Gu, Seongnam-Si, Gyeonggi-
Do, South Korea
Seongnam-Si, 13494 Korea, Republic Of
Attn: Seongwoo Lim
Tel:+82 10 5298 9121
Email: MANDOLA@HANWHA.COM
25. Ventpartner I Vastmanland AB Trade Vendor $4,091,267
Stubbengatan 2
Orebro, 703 44 Sweden
Attn: Emil Begquist
Email: EMIL.BERGQUIST@VENTPARTNER.SE
26. Kataoka Corporation Trade Vendor $3,993,171
140 Tsukiyama-Cho Kuze
Kyoto, 601-8203 Japan
Attn: Kazuma Mori
Tel: 818022305739
Email: K-MORI@KATAOKA-SS.CO.JP
27. Axima Concept Trade Vendor $3,874,191
49 Rue Louis Blanc
Courbevoie, 92400 France
Attn: Sophie Granju
Email: GUILLAUME.PASTEAU@EQUANS.COM
28. J.P Morgan Trade Vendor $3,721,128
Taunustor 1
Frankfurt AM Main, 60310 Germany
Attn: Legal Department
Email: BHAVIN.X.SHAH@JPMORGAN.COM
29. Cis Co. Ltd. Trade Vendor $3,715,101
37, Palgong-RO 47-GIL, Dong-Gu
Daegu, Korea, Republic of
30. Vakanta AB Trade Vendor $3,547,391
(Client Founds Account)
Regeringsgatan 38
Stockholm, 111 56 Sweden
Attn: Johan Hansson
Email: JOHAN.HANSON@VAKANTA.SE
NORTHVOLT AB: Open to Recapitalization or Sale in Chapter 11
------------------------------------------------------------
Northvolt AB, a Swedish battery manufacturing powerhouse, has
sought Chapter 11 protection in Houston, Texas, saying it is
willing to engage with all parties -- existing stakeholders and
new
investors alike -- to develop a comprehensive going-concern
recapitalization or sale so it can execute on its refined business
plan.
"Although the path forward remains uncertain, Northvolt trusts
that
it can build on its billions of dollars of investment and
groundbreaking facilities and technology to achieve a
value-maximizing recapitalization or sale in chapter 11. The
Company and its advisors stand ready to engage with all interested
parties," CRO Scott Millar said in the U.S. court filing.
CEO Peter Carlsson stepped aside as CEO on Nov. 22, 2024, as part
of Northvolt's chapter 11 filing. He will take on a role as
Senior
Advisor and remains a Member of the Board.
Northvolt in 2022 became the first European battery company to
make
commercial shipments to a carmaker, is presently a major player in
the electric vehicle market. Northvolt has 6,600 employees across
seven countries. The Company has served numerous automotive
leaders, including BMW, Audi AG, Porsche AG, Scania, Volvo Car
Corporation, and Polestar.
At the core of Northvolt's operations are its gigafactories, which
produce high-performance batteries for electric vehicles and
large-scale energy storage systems. The Company currently
conducts
operations at four locations across Europe: (a) Northvolt Ett
gigafactory, in Skelleftea, Sweden, (b) the 1,000-employee
research
and development facility Northvolt Labs, in Vasteras, Sweden, (c)
the Northvolt Dwa assembly facility, in Gdansk, Poland, and (d)
the
Hydrovol recycling plant in Fredrikstad, Norway.
Officially commencing operations in late 2021, Northvolt Ett is
Europe's first homegrown gigafactory. Northvolt Ett has continued
to increase its production capacity, hitting a high of 60,000
battery cells produced per week in September 2024. Currently,
Northvolt Ett has capacity to produce 300,000 batteries per year.
The Company has four projects under development: Revolt Ett
battery
recycling facility in Skelleftea, Sweden; the gigafactory project
Northvolt Drei in Heide Germany; the Montreal, Quebec gigafactory
project Northvolt Six; and the lithium conversion plant Aurora
Lithium to be built in Stebubal, Portugal.
Northvolt Six is the Company's inaugural gigafactory project in
North America, strategically located near Montreal, Quebec. With
plans to become Canada's first fully-integrated battery
manufacturing plant, Northvolt Six will combine the production of
cathode active materials, battery cell assembly, and battery
recycling within a single site.
After leaving Tesla in 2015, Peter Carlsson and Paolo Cerruti
formally founded the Company in October 2016. Between January
2017
and January 2024, Northvolt raised over $8 billion in investments,
including support from the Swedish government and other European
governments. The Company used this crucial backing to expand
production capacity of Northvolt's battery cells and systems,
scale
research and development activities at Northvolt Labs, and meet
increasing customer demand. As Northvolt grew, the Company sought
to expand both within Sweden and across the globe into Poland,
Norway, Germany, Canada, Portugal, and the United States.
In September 2019, Northvolt announced a strategic joint venture
with Volkswagen and later secured a $14 billion order for the
production of battery cells. In July 2020, the Company signed a
long-term supply agreement with BMW for battery cells produced at
Northvolt Ett.
As of the Petition Date, Northvolt had $5.84 billion in total
funded debt obligations, $5.66 billion of which is held by Debtor
entities.
Road to Chapter 11
Despite its many successes and strong foundation, in 2023,
Northvolt began to experience a series of challenges, including
delays at Northvolt Ett, an inability to satisfy certain customer
requirements, and a downturn in the electric vehicle industry.
The
Company announced a strategic review of its business in early 2024
and shifted focus to Northvolt's core objective of large-scale
battery cell manufacturing. Northvolt determined that accelerating
production at Northvolt Ett and halting development efforts
elsewhere was crucial to the Company's future success.
To operate in such a capital-intensive environment, Northvolt
required significant investment. Northvolt received equity
investments from, among other parties, Volkswagen and Goldman
Sachs
-- which are the two largest shareholders of Northvolt's parent
company Northvolt AB -- as well as entities affiliated with the
Company's founders and numerous commercial banks, pension funds,
and public institutions. In addition to equity investments, the
Company has raised considerable debt to support its operations and
growth. Among other debt investments, the Company's capital
structure includes approximately $3.8 billion in convertible
instruments at the Northvolt AB level and project financing in the
amount of approximately $1.6 billion secured on a first and second
lien basis at Northvolt Ett AB.
Northvolt's capital structure and business plan were premised on
the assumption that the electric vehicle industry would continue
its pattern of consistent growth. Indeed, the European electric
vehicle market had been growing at a record pace, fueled by strong
government support, increasingly strict emissions regulations, and
growing consumer interest in sustainable transportation. In 2023,
however, electric vehicle sales began slumping due to, among other
things, economic uncertainties and operational challenges, which
impacted battery manufacturers worldwide as customers cancelled
contracts, reduced orders, and renegotiated terms.
Notwithstanding this global downturn, established Asian
manufacturers continued scaling up production and pushing down
battery prices; this resulted in further stress on newer battery
manufacturers like Northvolt. Due in large part to these
challenges, Northvolt recorded a $1.2 billion net loss in 2023.
Northvolt quickly took action to navigate these challenges. To
protect its core business, the Company made the difficult decision
to streamline certain operations and narrow its focus to the
development of battery technology at Northvolt Labs and the
manufacturing of battery cells at Northvolt Ett. As the
challenges
continued to mount, Northvolt recognized that additional liquidity
would be necessary to support its go-forward operations. As a
starting point, Northvolt turned to its existing shareholders to
secure a $154 million shareholder bridge facility in August 2024.
This bridge financing, though necessary, only provided temporary
liquidity support in light of the Company's high operational
costs.
Northvolt recognized the need for a more comprehensive business
plan and restructuring support. The Company engaged Teneo
Financial Advisory LTD and Teneo Capital LLC, as financial advisor
and Rothschild & Co., as investment banker in August 2024, as well
as Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as
counsel in September 2024, to assess the Company's strategic
options and continue discussions with key constituencies. The
Company, with the assistance of its advisors, quickly deepened its
engagement with three key stakeholder groups -- shareholders,
lenders, and customers -- regarding near-term financing to bridge
to a longer-term recapitalization solution on an out-of-court
basis. The initiative -- known as the "stable platform" -- was
intended to provide a foundation on which the Company could
execute
on its refined business plan. In October 2024, as negotiations
continued, the Company received the first tranche of funding under
the stable platform with the release of (a) $25 million from
Northvolt Ett AB's debt service reserve account and (b) $25
million
in unapplied existing shareholder bridge facility funds, which
enabled the Company to overcome an immediate-term liquidity wall.
Northvolt continued to engage with its key stakeholder groups.
But, as the Company's financial picture worsened and the attitudes
of certain key stakeholders changed, the stable platform framework
eventually proved unattainable. The Company again recalibrated
its
approach and turned to potential in-court restructuring options.
Crucially, certain of the stakeholders involved in the stable
platform negotiations -- (a) Scania and (b) the Prepetition
Secured
Lenders -- indicated that they may be willing to provide
additional
financing to Northvolt in a chapter 11 process.
After hard-fought, arm's-length negotiations between the Company
and these stakeholders, the parties reached a deal for the
provision of postpetition financing and the use of cash collateral
to fund the initial phase of these chapter 11 cases.
Specifically,
the parties agreed on the terms of (a) a $100 million
senior-secured, superpriority, multi-draw debtor-in-possession
term
loan credit facility provided by Scania and (b) access to cash
collateral in the form of releases of (i) approximately $110
million from the Northvolt Ett debt service reserve account and
(ii) approximately $35 million from other of Northvolt Ett AB's
bank accounts.
However, Northvolt's liquidity picture has become dire. As of the
Petition Date, the Company has approximately $30 million of
available cash on hand, which can only support its operations for
approximately one week in the current operating environment. The
Company requires meaningful further investment to achieve a
comprehensive, value-maximizing recapitalization in support of its
long-term business plan. Northvolt will leave no stone unturned
in
its efforts to save this industry-defining business.
Texas as Preferred Venue
Northvolt has no meaningful operations in the United States but
still opted to pursue a financial restructuring in Houston, Texas.
The Company previously acquired Cuberg, Inc., a U.S.-based battery
technology company, to establish a new advanced technology center
in Silicon Valley. Cuberg is a San Leandro, California-based
battery technology company incorporated in Delaware. But the
business is in the process of being wound down. Northvolt noted
that Cuberg has (a) two bank accounts held with JPMorgan Chase
Bank, N.A., in New York, New York, with an aggregate balance of
over $2.5 million, (b) approximately twenty remaining employees,
and (c) certain intellectual property assets.
Each of the nine Debtor entities that commenced the chapter 11
cases has property in the United States. Specifically, each
Debtor
maintains a United States bank account with a balance of at least
$1,000. In addition, the Debtors have funded a retainer in the
amount of $250,000 to Texas counsel, Haynes and Boone LLP, which
retainer is being held in a client trust account in Texas.
Moreover, Debtors Cuberg, Inc., and Northvolt Systems AB8 have
business ties to the United States.
During the course of negotiations with the Debtors' key
stakeholders, and in light of the various locations throughout the
United States with connections to the Debtors, the parties
concluded that Texas was the preferred United States venue for
these chapter 11 cases. Consistent with that conclusion, the
Company established NV Texas, LLC on Nov. 18, 2024, and commenced
the chapter 11 cases to secure the requisite funding necessary to
meet critical payroll needs and ensure a smooth transition into
chapter 11.
Path Forward in Chapter 11
Through these chapter 11 cases, Northvolt endeavors to find one or
more long-term partners who will provide financial support to the
Company as it implements its go-forward business plan. The
Company's refined business plan contemplates a renewed focus on
Northvolt Ett -- which is operating with a line of sight to
increased capacity -- and Northvolt Drei and Northvolt Six --
well-funded and already-permitted projects with significant
government support that represent the cornerstone of Northvolt's
future strategic growth. To that end, the Company and its
advisors
are engaged in a far-reaching search for one or more partners that
can provide (a) incremental debtor-in-possession financing to fund
the chapter 11 cases to completion and (b) exit financing to
launch
Northvolt on a path to long-term sustainability and growth.
The Company, with the assistance of Rothschild, has commenced a
comprehensive marketing process and is currently engaging with
existing stakeholders and new potential strategic and financial
investors. Any and all interested parties, regardless of their
desired transaction type, are encouraged to contact Rothschild as
soon as possible and submit proposals by early December.
Rothschild intends to carry out a flexible marketing process to
maximize value for the benefit of all stakeholders. In parallel,
to the extent that these efforts are unsuccessful, the Company
will
assess potential opportunities for a sale of some or all assets
and
has engaged Hilco Global to assist with an orderly liquidation
process if necessary.
In addition, on a prepetition basis, the Company substantially
advanced a sale process for certain assets owned by Debtors
Northvolt Systems AB, Northvolt Poland sp. z o.o., and Northvolt
Revolt AB that are not contemplated as part of its go-forward
business plan.
The Company intends to consummate these sales during the course of
the chapter 11 cases, which will further its goal of streamlining
operations and bolstering its liquidity position.
Finally, to ensure enhanced corporate governance in this next
crucial phase, Northvolt determined that it was in the best
interests of the Company and its stakeholders to appoint two
independent and disinterested directors with meaningful experience
navigating similar distressed situations. Northvolt Ett AB
appointed Paul O'Donnell to its board of directors, and, in the
near term, Northvolt AB will appoint Stefan Selig, who is
currently
serving as an advisor to its board of directors.
About Northvolt
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyra AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: Outgoing CEO Says Restructuring in Sweden Possible
----------------------------------------------------------------
Charles Daly of Bloomberg News reports that Northvolt's outgoing
CEO, Peter Carlsson, revealed on November 24, 2024 that the
company
might consider a Swedish restructuring, though no final decision
has been made.
Speaking on SVT's Agenda program after the company's Chapter 11
filing, Carlsson noted that the legal process in Sweden "could
potentially take place in a month or two," the report related.
"We underestimated the complexity of building a large-scale
factory, integrating a substantial number of new employees, and
working with entirely new equipment," the report said, citing
Carlsson.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
NORTHVOLT AB: Scania to Lend $100-Mil. Under Ch. 11 Deal
--------------------------------------------------------
Reuters reports that on November 21, 2024, Swedish truck
manufacturer Scania announced that it will extend a $100 million
loan to Northvolt as part of the struggling battery maker's
Chapter
11 bankruptcy protection proceedings in the U.S.
According to the report, Scania, which is part of the
Volkswagen-owned Traton Group, is providing this financial support
to help the Swedish company navigate its financial challenges.
About Northvolt AB
Northvolt AB was established in 2016 in Stockholm, Sweden.
Pioneering a sustainable model for battery manufacturing, the
company has received orders from several leading automotive
companies. The company is currently delivering batteries from its
first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from
its R&D and industrialization campus, Northvolt Labs, in Vasteras,
Sweden.
On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577).
The cases are before the Honorable Alfredo R. Perez.
Northvolt is being advised by Teneo as its restructuring and
communications advisor. Kirkland & Ellis LLP, A&O Shearman and
Mannheimer Swartling Advokatbyrå AB are serving as legal counsel.
The company has also engaged Rothschild & Co to run its marketing
process. Stretto is the claims agent.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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