Debt haircut
Varta rescue: Porsche steps in to help Tojner
The faltering battery group Varta has apparently taken a decisive step towards restructuring. Sports car manufacturer Porsche and major Austrian shareholder Michael Tojner are to inject fresh capital following a haircut. Bankruptcy is therefore off the table for the time being.
According to a company statement, the creditors and Tojner agreed on a restructuring concept that provides for a debt reduction from 485 to 200 million euros. At the same time, Tojner is injecting fresh capital of 60 million euros together with sports car manufacturer Porsche.
Other shareholders go away empty-handed
The remaining shareholders will be left empty-handed, as the company's share capital will be set to zero, according to the German company's press release.
Tojner and Porsche new owners
The new owners of Varta will be the previous majority shareholder Tojner and the Porsche Group, whose possible involvement had already been rumored. The creditors will also provide a further 60 million euros as a senior secured loan. Those banks that provide fresh loans will receive 36 percent of possible future dividends in return.
Despite the current economic challenges, the company offers great potential to make Europe's battery cell research and production less dependent on Asian suppliers. Together with Porsche, we want to make a contribution to this. With this agreement, we have together taken an important first step that secures the stability of Varta AG and paves the way for a new start.
Michael Tojner
Third shareholder could still be added
After Tojner and Porsche, however, a third shareholder could still come on board. "We are in advanced talks with other investors who would like to join us," Varta CEO Michael Ostermann told the Reuters news agency.
Bankruptcy off the table for now
A bankruptcy of Varta is off the table for the time being with the restructuring concept, as a company spokesman said in response to an APA inquiry. However, the so-called pre-insolvency proceedings remain in place. Ostermann had announced a radical reorganization in July in accordance with the German StaRUG Restructuring Act. Following costly bad investments, the company was no longer in a position to service its mountain of debt.
No major personnel cuts imminent
Operationally, the compromise does not threaten the company with any major cuts. "We want to grow, both with battery storage for photovoltaic systems and with button cells for Apple headphones. We are currently even looking for staff there," said Ostermann according to Reuters. Varta will retain all its sites in Germany. There will only have to be "moderate" job cuts in administration. "We will get Varta back on a profitable growth path."
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