The German car battery company Varta is on the verge of bankruptcy. If it becomes a reality, the bankruptcy will be just one among many in the car industry this year.
The well-known German battery company Varta AG is on the verge of bankruptcy.
The company is in an acute crisis, where it is fighting for survival. On Monday, the share fell by as much as 77 percent, so that it is now down to 2.31 euros, corresponding to 17.1 Danish kroner.
Due to the current crisis, where there is a huge lack of money for operations, the company is forced into a reconstruction.
This is written by the Stuttgarter Zeitung .
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The restructuring may mean that the current owners are forced out of the company and that a capital injection in the billions range is necessary.
Allegedly, Varta owes banks and other creditors up to 6 billion euros. Among other things, the share plummeted when the stock exchange in Frankfurt opened on Monday morning.
The restructuring means that the creditors may wave goodbye to all their claims with Varta, in return for the company's survival being ensured. Some of those who are reportedly ready to save the battery manufacturer are also German Porsche, headed by director Oliver Blume.
According to the Stuttgarter Zeitung, Porsche and the former majority owner Michael Tojner can enter Varta if other investors' shares in the company are written down to NOK 0 in value.
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