DLA Piper advises VARTA on key agreements for the implementation of the restructuring concept and on bridge financing

DLA Piper has advised VARTA AG on the conclusion of several key agreements with its financiers and investors as well as a bridge financing as part of the ongoing restructuring under the StaRUG. The conclusion of these agreements and the bridge financing represents a further important milestone in the implementation of VARTA AG's restructuring concept.

Specifically, this involves a lock-up agreement with various syndicated loan lenders and lenders of the promissory notes, as well as other relevant parties, which contains the obligation to support the restructuring of VARTA AG within the context of the initiated restructuring procedure in accordance with the StaRUG. Furthermore, a company controlled by the current indirect majority shareholder of VARTA AG and Dr. Ing. h.c. F. Porsche AG entered into an investor agreement with VARTA AG, in which the investors undertake to provide VARTA AG with new equity capital by way of a cash and in-kind capital increase following the implementation of the capital decrease to zero. The agreements in part are still subject to conditions precedent.

Simultaneously, a short-term bridge facility agreement was entered into with some of the syndicated loan lenders, which shall secure VARTA AG's financing until conclusion of the StaRUG proceedings.

DLA Piper has been advising VARTA comprehensively since the beginning of the restructuring and was already at VARTA's side in July 2024 with legal support in connection with the initiation of the StaRUG procedure and the negotiation of a commercial agreement with the financial creditors on a restructuring concept.

DLA Piper advised VARTA AG on the negotiation of the key agreements under the joint leadership of partners Dr Roland Maaß (Capital Markets, Frankfurt) and Florian Bruder (Restructuring, Munich/Frankfurt). The team also included partners Dr Konrad Rohde (Tax), Semin O (both Frankfurt), counsel Dr Enno Ahlenstiel (both Antitrust; Cologne), Juliane Poss (Capital Markets), senior associates Daniel Osmanovic (Corporate), Theresa Schenk (Capital Markets) and Dr Pascal Hornstein (Tax) as well as associates Alexander Hofsepjan (Capital Markets), Theresa Keß and Albatrit Haliti (both Restructuring; all Frankfurt). The team was also supported by senior legal project manager Tamara Schanz (Frankfurt) and legal project manager Chris Lovell (Munich).

VARTA AG was advised on the bridge financing agreement by partners Dr Wolfram Distler, Eike Neugebauer, counsel Patrick Reuter, senior associate Emel Toluay-Ayhan and associates Cennet Issenin and Sindy Martin (all Finance, Frankfurt).

VARTA AG was advised by General Counsel Julia Weber.