EQS-Adhoc VARTA AG: VARTA AG reaches agreement with banks on comprehensive restructuring concept
EQS-Ad-hoc: VARTA AG / Key word(s): Miscellaneous
VARTA AG, Ellwangen, ISIN: DE000A0TGJ55
Publication of inside information pursuant to Article 17 of Regulation (EU) No 596/2014
VARTA AG reaches agreement with banks on comprehensive restructuring concept
VARTA AG has reached an agreement with the financing banks and the majority shareholder on far-reaching restructuring measures which are intended to lead the company back onto a growth path. The restructuring concept was drawn up on the basis of an IDW-S6 expert opinion prepared by KPMG. The short-term financing needs identified therein are covered by the now successfully completed capital increase, from which the company received gross proceeds of around 51 million euros. This sum is intended to secure the further development of the company and enable its successful restructuring. The agreement with the banks also provides for an extension of the financing until 31st December 2026 and changes to the loan conditions. The agreement is still subject to committee approval by the banks. The restructuring contribution of the majority shareholder Montana Tech Components agreed with the banks has already been made via the guarantee and subscription of the capital increase that has taken place.
The restructuring programme includes an adjustment of production and structural costs as well as targeted investments in growth areas such as the energy transition and e-mobility. Supplemented by measures to strengthen operations, this will create the key prerequisites for stabilising the company and achieving positive performance in the long term. The measures also include cost savings in the personnel area.
24-March-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|EQS News ID:||1592251|
|End of Announcement||EQS News Service|
1592251 24-March-2023 CET/CEST
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