Overview
- A group of main creditors led by Deutsche Bank and three London funds decided this week to exercise financing rights and separate Varta’s consumer/household batteries business to seek a new owner.
- Porsche confirmed that Varta AG and Varta Microbattery GmbH will file for insolvency proceedings in self-administration as the lenders begin to realise their securities.
- An independent FTI review cited by the creditors found an operational liquidity shortfall in the mid-double-digit million-euro range, and prior covenant breaches gave lenders legal grounds to enforce recovery steps.
- Investor Michael Tojner and Porsche say they will try to salvage strategic units such as microbatteries, V4Smart and Solutions, but Varta will close the Nördlingen plant and about 350 jobs are expected to be lost.
- Political leaders and unions are now engaged to protect jobs and know‑how, while potential offers such as Allswiss’s interest remain unresolved and any carve-out will need regulatory approvals.