Global law firm Clifford Chance has advised DDr. Michael Tojner on a complex transaction that resulted in VARTA AG’s successful financial restructuring through a StaRUG process. The closing of the transaction occurred on 26 March 2025.
VARTA is an internationally active battery manufacturer headquartered in Germany and employs around 4,000 people. It produces and markets a comprehensive battery portfolio from micro batteries, household batteries, energy storage systems to customer-specific battery solutions for a variety of applications and is a recognized innovation leader in the important growth markets of lithium-ion technology and primary hearing aid batteries.
As a result of the restructuring in accordance with the German Corporate Stabilization and Restructuring Act (“Unternehmensstabilisierungs- und -restrukturierungsgesetz” – so-called StaRUG), DDr. Michael Tojner and Dr. Ing. h.c. F. Porsche AG are now indirectly holding 100% of VARTA. VRT Beteiligungs GmbH, controlled by DDr. Michael Tojner, together with Porsche contributed a total amount of €60 million of new capital to VARTA AG (€20 million of which by contributing shares of real estate companies to VARTA). Certain key lenders provided an additional €60 million in new funds through a senior secured credit facility. Further key element of the financial restructuring is a reduction of approximately €255 million in debt to which the creditors of VARTA agreed.
The restructuring plan was confirmed by the restructuring court on 11 December 2024 and became legally binding on 23 January 2025. After all conditions for the closing have been fulfilled, the transaction was successfully completed on 26 March 2025.
The core Clifford Chance team was led by partners Stefan Sax (Restructuring) and Axel Wittmann (Global Financial Markets) who have been supported by partners Anette Röhder (Corporate), Fabian Böhm (Real Estate) and Olaf Mertgen (Tax, all Frankfurt).
The core team was further supported by of counsel Frank Scholderer (Corporate), counsel Diana Schoch (Restructuring), senior associate Steffen Waadt (Tax), associates Konstantin Kirchner (Restructuring), Paulina Fecht and Lara Esser (both Global Financial Markets) as well as transaction lawyer Niklas Schmitz (Corporate, all Frankfurt).
