Varta seems to have found a way to ensure the battery company’s survival. There is now a restructuring plan. An important customer is on board as an investor.
The financially troubled battery group Varta says it has reached an agreement with important creditors and lenders on a restructuring plan. The plan will “significantly reduce the company’s debt and provide it with fresh liquidity,” Varta announced in Ellwangen. It envisages the entry of a company controlled by Varta majority shareholder Michael Tojner (MT InvestCo) and a Porsche investment company as a new shareholder. The restructuring plan will ensure the financing of Varta AG until the end of 2027.
According to the information, a debt cut and the extension of loans are intended to reduce the debt burden from the current 485 million euros to around 200 million euros. MT InvestCo and the Porsche investment company would then inject a total of 60 million euros in fresh capital and receive new Varta shares in return.
Porsche had previously announced that it wanted to take over a majority stake in Varta’s car battery subsidiary V4Drive Battery. Porsche also said it was willing to participate “with other partners” in the financial restructuring of Varta AG. Porsche’s investment would amount to 30 million euros.
Source: Stern
