Reported about 2 months ago
German battery manufacturer Varta has reached a restructuring agreement with its creditors that includes a significant capital injection from Porsche. The deal will reduce Varta's debt from €485 million to €200 million, with Porsche and major shareholder Michael Tojner set to become new owners and infuse €60 million in funding. Varta aims to stabilize its finances while maintaining jobs and keeping manufacturing in Germany, although existing shareholders will lose out as the company exits the stock exchange.
Source: YAHOO