Varta secures debt restructuring with creditors, including Porsche, reducing debt to €200m and Porsche becoming majority stakeholder in V4Drive.

German battery maker Varta secures a restructuring agreement with creditors, including Porsche, reducing its debt from €485m to €200m initially. Porsche will become a majority stakeholder in Varta's V4Drive Battery division, providing €60m capital injection, while €60m will come from creditors. Varta aims to secure long-term financing and liquidity, with the company being taken off the stock exchange following the restructuring.

August 17, 2024
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