DLA Piper Advised VARTA AG On Successful Completion Of Its StaRUG Restructuring

DLA Piper advised VARTA AG on successful completion of its StaRUG restructuring

DLA Piper has advised VARTA AG on the successful completion of its operative, strategic and financial restructuring. Through virtual profit participation rights (Virtual Profit Participation Notes, VPPN), Dr. Ing. h.c.F. Porsche AG (Porsche) and DDr. Michael Tojner each indirectly hold 32% and the providers of new financing hold 36% of the Company’s equity (in economic terms). Porsche and DDr. Tojner each indirectly hold 50% of the shares in VARTA AG (in legal terms). The group’s liquidity has now been significantly strengthened after implementing a capital reduction to zero with a subsequent mixed cash and non-cash capital increase of EUR60 million and the provision of new financing of EUR60 million. Both financing of the next operational growth steps and future investments has been secured, and debt has been reduced significantly. The StaRUG restructuring has been successfully completed. VARTA AG’s full focus will now be on the operational growth of its core business and its role as an innovation leader in high-end energy storage solutions.

VARTA is being advised by DLA Piper for many years on corporate, capital markets law and transactions. VARTA is being provided elaborate support on all aspects of its restructuring since 2023 which includes negotiating and concluding bridge loans, lock-up agreements and restructuring, investor and financing agreements within the StaRUG proceedings’ framework and developing and implementing the restructuring concept.

Partners Dr Roland Maaß (Capital Markets, Frankfurt) and Florian Bruder (Restructuring, Munich/Frankfurt) led the DLA Piper team advising VARTA AG. It also included partners Dr Wolfram Distler (Finance), Dr Konrad Rohde (Tax); counsels Juliane Poss (Capital Markets), Patrick Reuter (Finance) and Sven Bischoff (Tax; all Frankfurt); senior associates Emel Toluay-Ayhan (Finance), Theresa Schenk (Capital Markets), Daniel Osmanovic (Corporate/M&A), Dr Pascal Hornstein (Tax); and associates Theresa Keß, Albatrit Haliti, Christian Thies (all Restructuring), Alexander Hofsepjan (Capital Markets), Sindy Martin, Cennet Issenin (both Finance) and Katharina Verdan-Chabray (Tax; all Frankfurt). 

The restructuring was led by Julia Weber on the VARTA AG side, who has been the General Manager of Legal and Compliance and Human Resources for several years.

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