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: VARTA AG reaches agreement with banks on comprehensive restructuring concept 24-March-2023 / 17:39 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. 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 31^st 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.

 

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24-March-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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Language:	English
Company:	VARTA AG
	VARTA-Platz 1
	73479 Ellwangen
	Germany
Phone:	[phone]
E-mail:	[e-mail]
Internet:	www.varta-ag.com
ISIN:	DE000A0TGJ55
WKN:	A0TGJ5
Indices:	SDAX,
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1592251

End of Announcement	EQS News Service

1592251  24-March-2023 CET/CEST