The investor community SDK sharply criticized the approval of the controversial renovation plan for the battery manufacturer Varta.
The rejection of the complaints by the Stuttgart Regional Court is not only disappointing, but also show in a very vivid way, as ineffective, so as not to say, the legal remedy system was ineffective within the framework of the Restructing Act Starug, SDK lawyer Markus Kienle said.
According to the court’s decision, the rescue plan for the financially battered company can now be addressed to the exclusion of small shareholders. The district court rejected all complaints against the renovation plan on Wednesday. A further complaint was not admitted, Varta had explained.
Refurbishment can now be addressed
The company’s restructuring plan is thus final. In the course of the restructuring, it provides for a reduction in share capital to zero. For the free shareholders, this means the complete loss of their money. In contrast, the investor community is once again preparing a constitutional complaint. She failed in Karlsruhe with a first complaint.
SDK lawyer Kienle further criticized that the district court of Stuttgart had not dealt with the serious constitutional objections because, according to the court, a significant poor position had not been shown. The Varta renovation runs as part of the Restructing Act Starug, which is intended to save crisis companies in bankruptcy proceedings. The main criticism of the SDK is that the Starug makes it possible to put their capital to zero in the meantime before increasing it again. The free shareholders then go away empty -handed.
Entry planned by Porsche
In addition to the reduction in share capital to zero, the renovation plan for Varta also provides for a debt section. Varta should then also be removed from the stock exchange and the shareholders leave without compensation.
Varta would like to spend shares again – but only to a company of the previous majority owner Michael Tojner and the sports car manufacturer Porsche. Both can cost 30 million euros each. A similar procedure had previously existed in the renovation of the car supplier Leoni, whose renovation the free shareholders had also assumed empty.
In Xetra trading, Varta shares go down to 1.10 euros.
Stuttgart (dpa-Afx)
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