Restructuring court confirms restructuring plan

VARTA AG, Ellwangen, ISIN: DE000A0TGJ55 

Disclosure of an inside information acc. to Article 17 of the Regulation (EU) No 596/2014

Restructuring court confirms restructuring plan 

Ellwangen, 11 December 2024.  VARTA AG (the “Company”) announces that the competent local court – restructuring court – Stuttgart has today confirmed the restructuring plan. This confirmation of the plan follows the approval of the restructuring plan by the majority of the voting groups at the discussion and voting meeting (“Erörterungs- und Abstimmungstermin”) that took place on 25 November 2024.

As already communicated, the restructuring plan provides for a simplified decrease of the Company’s share capital to € 0 as part of the financial restructuring. This will result in the exit of the Company's current shareholders without compensation and the delisting of the Company's shares. At the same time, the Company will raise new equity in the total amount of € 60 million via a capital increase against contribution in cash and in kind with exclusion of subscription rights by a company controlled by the Company's current indirect majority shareholder Dr. Dr. Michael Tojner and an investment company of Dr. Ing. h.c. F. Porsche AG. In addition, the existing debt burden of € 485 million is to be reduced by approximately € 255 million to a total of approximately € 230 million as part of a haircut, and liquidity requirements are to be covered by taking out a new senior loan (super senior) in the total amount of € 60 million. These measures are intended to ensure sustainable financing of the Company and position it for the future.

The restructuring plan is to be implemented immediately after the confirmation of the plan has become legally binding and effective.