New deal: An employee checks a battery cell at a Varta plant in Germany. Porsche AG has agreed to provide fresh cash to the battery maker as part of a restructuring. — Bloomberg
Berlin: Embattled German battery-maker Varta AG has adjusted its restructuring plan to help win the support of a key group of lenders, paving the way for its approval.
A “large proportion” of holders of its 250mil or about US$278mil in promissory notes – also called Schuldschein – have expressed interest in the improved deal, the company said in a statement Tuesday.
