Crisis comes to a head
Storage business weakens: Varta cuts forecast
The crisis at battery manufacturer Varta is taking on ever more threatening proportions. The company, which is undergoing restructuring, is now also cutting its sales forecast.
The company now expects sales of 750 to 800 million euros, 70 million euros less than previously assumed.
Restructuring proceedings deter customers
Since the initiation of the Starug proceedings to stabilize the company, Varta's public image and reputation have deteriorated, which is putting pressure on sales of energy storage systems, the company announced on Friday. In addition, sales of large lithium-ion cells were lower.
Just a few days ago, the battery manufacturer reached an agreement with lenders, promissory note creditors and future shareholders on a rescue plan and signed the corresponding contracts. Most recently, there had still been disagreements over details in the negotiations that had been ongoing since July.
Trojner and Porsche bring fresh capital
Austrian investor Michael Tojner and Porsche are together providing 60 million euros in equity. The other shareholders will go away empty-handed. Varta had overstretched itself with failed investments and had slipped into a crisis that threatened its existence. According to the restructuring plan, the creditors are now waiving more than half of the loans and promissory note loans.
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