Northvolt has hired several advisory companies before the application for reconstruction according to the “Chapter 11” of the US bankruptcy legislation. In the documents of the Bankruptcy Court in Texas, SVT has traced information on costs for advisers and found agreements and detailed information for three companies:
*Law Firm Kirkland & Ellis, based on Manhattan in New York
According to documents and agreements, the company must handle the law during the reconstruction, and, among other things, attend meetings and negotiate with lenders and other stakeholders, protect Northvolt’s assets against requirements and represent the company on legal issues relating to requirements against the company, represent the company in court and much more. For this, Kirkland charges per quarter. The hourly rate is different for different consultants. The most expensive cost SEK 29,425 per hour.
*Consulting firm Teneo, based on Manhattan in New York
According to documents and agreements, the company must, among other things, assist with the restructuring manager to the company management, establish offices for handling the liquidity on daily and weekly buildings, establish offices for the restructuring, work with a home program, including the bonus program to key people that SVT revealed and which caused internal protests, and With communication. The hourly rate is different for different consultants. The most expensive cost SEK 14,300 per hour. Teneo invoices every week and requires paid within five days.
*Law firm Mannheimer & Swartling, based in Stockholm
According to documents and agreements, the company must handle financing issues and Swedish law in connection with the reconstruction. The hourly rate varies. The company’s partners cost the most, up to SEK 5,796 per hour.
In addition to the hourly rate, all three companies pay for extra costs to varying extent. It is about transport costs, hotels, meals, fees to authorities and data shower. Kirkland also describes that you pay extra for overtime, meals in connection with overtime and special overtime secretaries, and have a price list for copying, where, for example, the tariff is 16 cents per page in the USA and 10 eurocent per page in Munich.