Varta files for insolvency, excluding Consumer Batteries

Varta AG, based in Ellwangen (Germany), has filed an application to open insolvency proceedings under self-administration. The Stuttgart Local Court has appointed Tobias Wahl, a Stuttgart-based solicitor from the law firm Anchor, as provisional administrator. The law firm, which operates nationwide, specialises in insolvency and restructuring law. The Consumer Batteries division, together with its associated companies – which are legally and operationally separate and financially independent – is expressly excluded from the application.

Previously, the ad hoc creditor group comprising Blantyre, Deutsche Bank, RBC BlueBay and Whitebox had announced the spin-off of the Consumer division. A spokesperson stated that the group is exercising its contractual rights in relation to the Consumer Batteries division in accordance with the financing agreements concluded with the company in connection…