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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.
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Varta asegura la reestructuración de la deuda con los acreedores, incluyendo Porsche, reduciendo la deuda a 200 millones de euros y Porsche convirtiéndose en parte interesada mayoritaria en V4Drive.