Positive signals for the ailing battery company Varta: The Stuttgart district court has confirmed the restructuring plan submitted by the company through a resolution, as the court announced. At the end of November those involved would already have The majority of creditors accepted the plan, it continued. Requests from individual shareholders and shareholder representatives not to approve the plan were rejected.
The restructuring is carried out in accordance with the Corporate Stabilization and Restructuring Act (StaRUG). This threatens small investors with expropriation, as the interests of investors can be undermined in such a procedure.
The restructuring concept essentially envisages two steps: On the one hand, a haircut and the extension of loans are intended to reduce liabilities from almost half a billion euros to 230 million euros. The share capital of Varta AG is also to be reduced to zero euros.
The effect: The shareholders leave without compensation and the group loses its stock market listing. Shares will then be issued again – but only to a company owned by the previous majority owner Michael Tojner (58) and the sports car manufacturer Porsche.