EQS-Adhoc: VARTA AG: VARTA AG announces financial reorganization with StaRUG proceedings
Source: EQS
EQS-Ad-hoc: Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014 Ellwangen, The background to the planned notification are the constructive negotiations with financial creditors and potential investors regarding a restructuring project. Among the potential new investors are, inter alia, a company controlled by the current majority shareholder of the Company, DDr. Tojner, Dr. Ing. h.c. F. Porsche AG as well as further interested parties, with which different proposals are currently being discusses. The Company’s management board expects to quickly reach an agreement regarding one of the proposals under discussion and to be able to conclude corresponding agreements with the relevant parties involved and to put a restructuring plan to the vote. The Company has currently received two different proposals for a financial restructuring. The aim of both proposals for a restructuring project is to provide liquidity (either as debt capital or as a combination of debt and equity, according to current estimates in a high two-digit million euro amount) to finance operational restructuring measures, significantly reduce the Company’s debt and thus improve the equity ratio. Both proposals provide for a simplified reduction of the Company’s registered share capital to As it is not predominantly likely that the respective capital measures envisaged in the restructuring project will achieve the necessary approval of the general shareholders’ meeting (at least 75% of the share capital present), the restructuring project shall be implemented in accordance with the StaRUG. Since without implementation of the restructuring plans losses would be incurred that would consume the registered share capital of The preparation, auditing and publication of the annual and consolidated financial statements of Contact Investors Head of Investor Relations IR@varta-ag.com Presse and Media Jürgen Beilein Press Spokesman (interim) PR@varta-ag.com End of Inside Information
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Language: | English |
Company: | |
VARTA-Platz 1 | |
73479 Ellwangen | |
Phone: | +49 (0)791-921-0 |
E-mail: | info@varta-ag.com |
Internet: | www.varta-ag.com |
ISIN: | DE000A0TGJ55 |
WKN: | A0TGJ5 |
Listed: | Regulated Market in |
EQS News ID: | 1950473 |
End of Announcement |
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1950473 21-Jul-