Flick Gocke Schaumburg is advising Dr. Ing. h.c. F. Porsche AG on all aspects related to the German Corporate Stabilization and Restructuring Act ("StaRUG") during its acquisition of a stake in VARTA AG. This follows the Stuttgart Regional Court’s decision of January 21, 2025 to uphold VARTA AG’s restructuring plan and reject all the appeals against the plan as inadmissible. The plan is thus legally binding, marking a significant milestone in VARTA AG’s financial recovery efforts.
It means the company's share value will be written down to zero, resulting in the exit of the its current shareholders without compensation and the delisting of its shares.
At the same time, VARTA AG will raise new equity totaling EUR 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 by an investment company of Dr. Ing. h.c. F. Porsche AG.
In addition, the existing debt burden of EUR 485 million is to be reduced by approximately EUR 255 million to a total of approximately EUR 230 million as part of a 'haircut' of financial liabilities. Liquidity requirements will be covered by taking out a new super senior loan in the total amount of EUR 60 million.
Advisors to Dr. Ing. h.c. F. Porsche AG: Flick Gocke Schaumburg
Dr. Christian Brünkmans (lead; restructuring), Dr. Michael Grimm, Dr. Michael Winter (corporate law/M&A), Dr. Tobias Schwan, Dr. Tim Zinowsky, Rainald Vobbe, Dr. Frieder Mörwald (all tax), Dr. Matthias Merkelbach (capital markets law), Dr. Sandy Siegfanz-Strauß, Dr. Tobias Nießen (both labor and employment law), Dr. Florian C. Haus (state-aid law); Associates: Christian Clev, Anna Gödtner (both restructuring), Kevin Schümmer, Dr. Tobias Witscher, Dennis Barzantny, Dr. Gianna Velte, Dr. Tobias Keller, Alexander Heinen, Romina Küpper (all corporate law/M&A), Dr. Christoph Brünger (IP/IT), Astrid Hemmann, Catharina Knops, Dr. Alexander Witfeld, Susanne Mederer, Dr. Ferdinand Springer, Dr. Charlotte Pötters, Philipp Anhalt, San Kim, Sebastian Moos, Tobias Kölle, Justina Fischer (all tax), Dr. Melanie Jänsch, Dr. Jannis Fischer (both capital markets law), Sarah Büttgen, Domenic Kraemer, Ann-Cathrin Lehnhoff (labor and employment law), Dr. Valentin Urban (state-aid law)
VARTA produces and markets a comprehensive portfolio of microbatteries, household batteries, energy storage systems and lithium-ion round cells for the automotive sector.
The StaRUG Restructuring Act came into force in 2021 to protect companies from insolvency and to effectively implement recapitalization via a debt and capital ‘haircut’ outside insolvency proceedings. <<<
Looking for a particular press release?
