Varta implemented the restructuring concept with starug procedures for the financial realignment

Varta implemented the restructuring concept with starug procedures for the financial realignment

Varta AG has announced that the Stuttgart District Court to register a restructuring project according to the company stabilization and structure law (short: Starug). The company plans to examine various constellations of foreign and equity financing in the context of the starug procedure in order to enable a new financial start and to remain competitive in the long term.

A central aspect of the restructuring project is to reduce the current debt of Varta AG. Michael Giesswein, Cro of Varta AG, emphasizes that the current debt burden severely limits the chances of positive business development. In order to restore financial stability, a debt section is planned as part of the Starug procedure. This would mean that the existing share capital is reduced to zero and fresh capital is brought in. All existing shares would lose their value and the stock market noding of Varta AG would be permanently set (delisting).

The CEO of VARTA AG, Michael Ostermann, emphasizes the importance of the restructuring concept for the future of the company. In addition to financial stability, it is also about maintaining business relationships with suppliers, trading partners and customers worldwide. Rainer Hald, CTO of the Varta, also emphasizes the role of the company when securing the key technology "Battery" in Germany and Europe.

For the restructuring and the new beginning of Varta AG, a financial requirement is estimated in the high double-digit million euro area. The company's board is in negotiations with various investors, including Dr. Ing. H.C. F. Porsche AG to reach an agreement on the financing.

It is important to note that Varta AG produces and markets a comprehensive battery portfolio, which ranges from micro-batteries to household batteries to energy storage systems. The company is a recognized innovation leader in the areas of lithium-ion technology and primary hearing aid batteries.

Varta AG will inform the public about the restructuring process and the further progress.

Table:

| Facts about the restructuring project of VARTA AG |
| ———————————————- |
| Type of procedure | Restructuring according to Starug |
| Constellations of the financing Different options for foreign and equity financing |
| Goal of the procedure | Financial new beginning, improvement in competitiveness |
| Measures | Authority of debt by reducing debts, possible delisting |
| Investors | Negotiations with various potential investors |
| Business fields | Production and marketing of batteries of different types |
| Number of employees | Around 4,000 employees worldwide |
| Production and production facilities | Five locations in Europe and Asia |
| Sales centers | In Asia, Europe and the USA |
| Market presence | Active in over 100 countries worldwide |

Source: Varta AG/OTS