Varta secures $65 mln from Porsche and shareholder Tojner
GDANSK, Oct 7 (Reuters) – Varta (VAR1.DE) , secured 60 million euros ($65.89 million) in financing from Porsche AG (P911_p.DE) , and major shareholder Michael Tojner to cover its debt, the struggling German battery maker said on Monday.
The agreement is subject to antitrust approval, and Varta expects to finalise its restructuring plan this month and then have it confirmed by the restructuring court by the end of 2024.
In addition, the German battery maker concluded a 30-million euro short-term bridge facility agreement with some of the syndicated loan lenders, to secure financing until the conclusion of the restructuring proceedings.
In August, the company entered a restructuring agreement with creditors to reduce its debt by almost 300 million euros, bringing on the sports car maker, who in return will secure access to high-performance batteries for its hybrid and electric sports cars.
($1 = 0.9107 euros)
READ the latest Batteries News shaping the battery market
Varta secures $65 mln from Porsche and shareholder Tojner, source
