Varta Restructuring by StaRUG
Varta AG has announced that the Stuttgart District Court has approved the company's restructuring plan.
Following the approval by the majority of creditor groups on November 25, 2024, the plan includes a capital reduction to €0. For the current shareholders, this means a complete wipe-out, as the shares will become worthless without compensation, and the stock market listing will be terminated.
A Porsche AG affiliate and the majority holder of Varta will provide it with new equity amounting to €60m.
The subscription rights of other shareholders are cancelled by the restructuring plan.
Varta’s debt will be cut by €255m. A new senior loan will provide additional liquidity as part of the sustainable financing package.
The ruling may be appealed by the affected stakeholders who objected to the plan.