Noerr advises banking syndicate on complex financial restructuring implementing VARTA’s restructuring plan

Under the joint lead of Andreas Naujoks and Simone Schönen, Noerr has advised the banking syndicate of consortium lenders on the successful conclusion of a restructuring financing for VARTA AG. As the restructuring financing agreement has become effective, VARTA AG is now able to draw on a new credit facility worth €60 million. The restructuring financing was concluded as part of the implementation of the restructuring plan under the German Corporate Stabilisation and Restructuring Act (StaRUG), which had been sanctioned by the restructuring court in Stuttgart and entered into force in January 2025.

Besides the new credit facility, the existing credit facilities provided by the syndicate of lenders and promissory note holders were restructured, thereby, in particular, the agreed haircut becoming effective. Another element of VARTA AG’s restructuring was the completion of a capital decrease to zero followed by a capital increase in cash and in kind of €60 million. Therefore, the financial restructuring measures as agreed by way of the restructuring plan have been implemented in full. As its liquidity situation is thus strengthened in a sustainable manner, VARTA Group now focusses on further progressing on the restructuring path.

Advisors to various syndicate banks: Noerr Partnerschaftsgesellschaft mbB

Lead: Andreas Naujoks (partner, Banking & Finance, Frankfurt), Simone Schönen (partner, Restructuring & Insolvency, Hamburg)

Restructuring & Insolvency
Stephanie Bender (senior associate, Hamburg), Nicholas Palenker (senior associate), Jacob Czada (associate, both Berlin), Florian Mayer (associate, Hamburg)

Banking & Finance
Alexander Schilling (partner), Patrick Geist (associated partner), Dorian Legel (associated partner), Ana-Maria Mirceta (senior associate), Kevin Brühl (senior associate, all Frankfurt), Inken Rüdebusch (associate, New York)

Corporate and Capital Markets
Julian Schulze De la Cruz (partner, Frankfurt), Stephan Schulz (partner, Hamburg), Jens Göb (senior associate), Thomas Thies (senior associate, both Frankfurt), Kevin Stumme (associate, Hamburg)

Tax
Martin Haisch (partner), Andre Happel (partner), Thomas Renner (senior associate), Benedikt Rippert (senior associate, all Frankfurt)

Antitrust & Competition
Sarah Blazek (partner), Stefanie Gschoßmann (senior associate), Katharina Song (associate, all Munich)