Noerr advises banking syndicate on VARTA AG proceedings under the German Corporate Stabilisation and Restructuring Act

A Noerr team led by Andreas Naujoks and Simone Schönen is advising a banking syndicate of consortium lenders on the financial restructuring of VARTA AG.

Recent advice covered designing and supporting the restructuring process under the German Corporate Stabilisation and Restructuring Act (StaRUG) in close coordination with VARTA AG’s advisors. A key element of the restructuring plan is to obtain €60 million in new equity and cut debt substantially to reduce the current debt of €485 million to around €230 million. A new €60 million loan is also to be taken out to boost the VARTA Group.

The particular challenge of this restructuring is the diversity of interests among the various stakeholders which need to be taken into account. The Noerr partner Andreas Naujoks once again managed to facilitate successfully between the various stakeholders.

The restructuring plan has already been accepted by a majority of those affected and confirmed by the restructuring court, Stuttgart Local Court. The restructuring plan is to be implemented once the decision confirming the plan becomes legally binding.

Advisors to certain syndicated banks: Noerr Partnerschaftsgesellschaft mbB

Team 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)

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)