Noerr

A Noerr team led by Thomas Hoffmann is advising the German Northvolt project company based in the town of Heide in northern Germany on its voluntary liquidation and on repaying €222 million in unused taxpayers’ money to state development bank KfW. The repayment became possible after the Northvolt project company underwent restructuring proceedings under the German Corporate Stabilisation and Restructuring Act (StaRUG), allowing it to be liquidated despite being solvent and securing satisfaction of all the company’s creditors. This enabled the German Northvolt company to successfully avoid being drawn into the insolvency of the Northvolt Group. In 2023, Northvolt received some €600 million from KfW in the form of a government-backed convertible bond. Before the Northvolt Group went into insolvency, only part of this money had been used up to build the battery factory planned in Heide. The unused portion is now being paid back in two instalments: €153 million has already been repaid, with the remaining €69 million to follow by summer 2026. Half of the funds will be paid back to the German government and half to the State of Schleswig-Holstein. During the voluntary liquidation, the Northvolt project company’s assets are now also to be transferred to an investor. The parties are currently at an advanced stage of intensive discussions. #TeamNoerr Restructuring: Thomas Hoffmann, Stephanie Bender Corporate/Capital Markets: Volker Land, Laurenz Wieneke, Ingo Theusinger Banking & Finance: Nikolai Warneke, Jonas Strubel Employment & Pensions: Patrick Mückl Tax: Martin Haisch, Benedikt Rippert Advisors to KfW: Hengeler Mueller Restructuring officer: Stefan Denkhaus (BRL)

Yesterday evening, Noerr hosted a reception at our Munich offices in cooperation with Heuking on the first day of the International Bar Association conference “Volatility in Global Trade and Supply Chain Structures – challenges of constant adaptation”. Having already chaired an IBA panel discussion at Munich’s Palace of Justice in the afternoon, Noerr partner Felix Muhl later welcomed around 50 international guests for the traditional Host Committee Reception. The conference, presented by the IBA International Commerce and Distribution Committee, focuses on the current legal discussions and aspects of strained supply chains and tariffs and trade barriers, seeking to enhance understanding of the various influences on supply chains and the underlying contractual architecture.