German Court Approves Varta's Restructuring Plan

The battery manufacturer will reduce debts and issue new shares, leaving current shareholders without compensation.

The Stuttgart District Court has approved Varta's restructuring plan under Germany's StaRUG framework.
The plan includes reducing Varta's debt from nearly €500 million to €230 million through debt cuts and loan extensions.
Varta's share capital will be reduced to zero, resulting in the loss of its stock market listing and the removal of current shareholders without compensation.
New shares will be issued exclusively to the majority owner Michael Tojner's company and Porsche, the sports car manufacturer.
The restructuring aims to preserve Varta's market position, innovations, and approximately 4,000 jobs.