Renewed Crisis After Failed Restructuring: Creditors Push for Break-Up of Varta Group
Ellwangen – Battery maker Varta is facing another existential crisis, just two years after restructuring under Germany's Corporate Stabilization and Restructuring Act (StaRUG). Key creditors are now reportedly pushing for the group to be broken up.
Insolvency Filing at Stuttgart Local Court
Varta AG, headquartered in Ellwangen, and three subsidiaries filed for self-administered insolvency proceedings at the Stuttgart Local Court on Friday, July 24, 2026. In addition to the parent company, the filings cover Varta Microbattery GmbH (Ellwangen), Varta Micro Production GmbH (Nördlingen) and Varta Storage GmbH, which houses the group's solar storage and energy management systems business.
The court appointed Tobias Wahl, a lawyer specializing in insolvency and restructuring law at the firm Anchor, as preliminary custodian, and also ordered preliminary self-administration for Varta Microbattery GmbH.
Explicitly excluded from the filings is the Varta Consumer Batteries division, which is legally, operationally and financially independent. CEO Michael Ostermann described the step as personally burdensome and said the company was working with all its strength to "preserve as many jobs as possible."
Lost Major Customer and Difficult Market Conditions
Varta cited weaker demand, negative currency effects and the withdrawal of an anchor customer as causes of the current crisis. According to several media reports, including those from FAZ and Augsburger Allgemeine, the anchor customer in question is Apple. Varta has been producing button cells for wireless headphones for the US technology company at its Nördlingen site, and this production is reportedly set to be shifted to suppliers in Asia. Varta also pointed to complex intra-group interdependencies that complicate the effective implementation of restructuring measures and are driving additional liquidity needs.
Owners and Creditors Since the 2024 Restructuring
Since the 2024 StaRUG restructuring, Varta AG has been owned in roughly equal parts by Michael Tojner, through his company MT InvestCo, and sports car maker Porsche; the stock was delisted as part of that restructuring.
Ahead of the current insolvency filing, the so-called ad hoc creditor group, led by Deutsche Bank along with financial investors RBC BlueBay, Blantyre and Whitebox, had announced in a separate statement its intention to carve the household battery business out of the group and transfer it to a new ownership structure. This affects the same Varta Consumer Batteries division that is explicitly excluded from the current insolvency filings. According to the group, an analysis by consultancy FTI found an operating liquidity requirement in the mid double-digit millions. A spokesperson for the creditor group said: "Despite intensive talks with all stakeholders, no side has committed to providing the additional funding required." The group said it would exercise its contractual rights under the financing agreements from the 2024 restructuring, adding that implementation remains subject to regulatory approvals. Varta has not commented on the creditors' statement.
Impact on Employees and Sites
Varta most recently reported around 3,260 employees, the majority based at its headquarters in Ellwangen and at its Dischingen and Nördlingen sites. According to the company, wages and salaries will initially continue to be paid following the filing.
Varta had already announced in May 2026 that it would close its Nördlingen plant, which employs around 350 people according to the company, by autumn; that decision is independent of the current insolvency proceedings. Baden-Württemberg's Minister of Economic Affairs, Nicole Hoffmeister-Kraut, said she would work to preserve jobs and industrial value creation in the state, while noting that the decision on the group's future rests with its owners, investors and creditors.
Financial Results and Outlook
Varta most recently reported 2024 revenue of around EUR 793 million and a loss of EUR 64.5 million. No formal insolvency proceedings have yet been opened; the four filings are currently being reviewed by the Stuttgart Local Court. Whether and in what form the group continues will depend on further negotiations with owners, creditors and potential new investors.
Source: IWR Online, 29 Jul 2026
