Vienna, 24 January 2025: Financial reorientation of the tradition-steeped German battery manufacturer VARTA has been concluded successfully. Regional Court Stuttgart rejected all objections directed at the restructuring plan as inadmissible and did not permit an appeal. The restructuring plan is thus final and non-appealable, and the future of the corporation is secured. Fellner Wratzfeld & Partner (fwp) successfully acted as advisors in the StaRUG proceedings.

The decision recently handed down by Regional Court Stuttgart means that the restructuring plan for German battery manufacturer VARTA was successfully concluded. By the final decision of the German court the restructuring plan was confirmed as a solid basis for the VARTA's future development. The takeover was made possible by the Austrian principal shareholder and German automobile manufacturer Porsche, which invested a further EUR 60 million of capital in VARTA. As part of the recovery measures banks and other creditors waived parts of their claims and, in return, will participate in the future financial results of the corporation.

Through the restructuring measure also the ownership structure was remodelled by means of a capital cut. By this necessary step and the reorientation, the battery manufacturer has created a situation where it is able to put the focus back on the success of the company.

A central element of the restructuring measure is the investment by Porsche AG, which has taken over 70 percent of the previous VARTA subsidiary V4Drive. This takeover makes it possible for Porsche to supply high-performance batteries which are necessary for manufacturing hybrid sports cars.

"These successful restructuring proceedings have not only secured the future of a traditional company, but also made a significant contribution to strengthening the economy" says fwp partner Markus Fellner, who, together with his team, acted as a legal advisor during the proceedings.

The fwp advisory teams and their expertise:

Restructuring & Insolvency

Markus Fellner (fwp partner)
Florian Henöckl (fwp attorney)
Wolfgang Plischnack (fwp associate)
Sebastian Kremnitzer (fwp associate)
Manuel Schweiger (fwp associate)

Corporate / M&A

Paul Luiki (fwp partner)
Lukas Flener (fwp partner)
Nadine Maros (fwp attorney)
Petra Ungerböck (fwp associate)
Mark Timar (fwp associate)
Claus Wintersteller (fwp associate)