VARTA AG Announces Amendment to Restructuring Concept and Bridge Financing Agreement

VARTA AG, based in Ellwangen, has reached an agreement with almost all of its syndicated loan lenders, MT InvestCo, and Porsche. This agreement amends the previously published restructuring concept. The revised plan reduces VARTA's debt from €485 million to approximately €230 million. Additionally, a new senior loan of €60 million will cover liquidity needs.

The agreement also includes a provision for a simplified reduction of the company's share capital to €0, leading to a compensation-free exit of current shareholders and the delisting of VARTA AG shares. MT InvestCo and Porsche will then contribute to a capital increase.

VARTA AG will enter into a lock-up agreement with its lenders and other key parties. This agreement will help finalize the restructuring plan, which will then be submitted to the restructuring court. A bridge financing agreement of up to €30 million has also been reached, ensuring the company’s financing until the conclusion of the StaRUG proceedings.

The completion of these agreements is still subject to the approval of the involved parties' governing bodies.