Clifford Chance Advised DDr. Michael Tojner On The Restructuring Of VARTA AG Through A StaRUG Process
Clifford Chance advised DDr. Michael Tojner on the restructuring of VARTA AG through a StaRUG process
Clifford Chance advised DDr. Michael Tojner on the successful financial restructuring of VARTA AG through the StaRUG process (the German Corporate Stabilization and Restructuring Act – Unternehmensstabilisierungs- und -restrukturierungsgesetz). The transaction closed on March 26, 2025.
VARTA AG, a leading global battery manufacturer headquartered in Germany, produces and markets micro batteries, household batteries, energy storage systems, and custom battery solutions. The company is recognized for its innovation in lithium-ion technology and primary hearing aid batteries, employing around 4,000 people worldwide.
As a result of the restructuring, DDr. Michael Tojner and Dr. Ing. h.c. F. Porsche AG now indirectly hold 100% of VARTA AG. VRT Beteiligungs GmbH, controlled by DDr. Michael Tojner, and Porsche collectively contributed €60 million in new capital to VARTA AG, including €20 million through the contribution of real estate company shares. Additionally, key lenders provided €60 million in fresh funds via a senior secured credit facility. A key feature of the restructuring was a €255 million debt reduction, agreed to by VARTA’s creditors.
The restructuring plan was confirmed by the German restructuring court on December 11, 2024, and became legally binding on January 23, 2025. Following the fulfillment of all closing conditions, the transaction was completed on March 26, 2025.
The Clifford Chance team was led by Stefan Sax (Managing Partner, Restructuring) and Axel Wittmann (Partner, Global Financial Markets), with support from Annette Röhder (Partner and Notary, Corporate), Fabian Böhm (Partner, Head of Real Estate Germany), and Olaf Mertgen (Partner, Tax, Frankfurt). Additional support came from Frank Scholderer (Of Counsel, Corporate), Diana Schoch (CounseClifford Chance, VARTA AG, restructuring, StaRUG process, German restructuring law, Michael Tojner, Porsche AG, €255 million debt reduction, senior secured credit facility, corporate restructuringl, Restructuring), Steffen Waadt (Senior Associate, Tax), Konstantin Kirchner (Associate, Restructuring), Paulina Fecht and Lara Esser (Associates, Global Financial Markets), and Niklas Schmitz (Transaction Lawyer, Corporate).
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