STUTTGART (dpa-AFX) - The investors' association SdK has sharply criticized the approval of the controversial restructuring plan for the battery manufacturer Varta. The rejection of the complaints by the Regional Court of Stuttgart is not only disappointing, but also shows in a very clear way how ineffective, not to say ineffective, the appeal system under the Restructuring Act StaRUG is designed, said SdK lawyer Markus Kienle.

Following the court's decision, the rescue plan for the financially ailing company can now be tackled with the exclusion of small shareholders. The regional court dismissed all appeals against the restructuring plan on Wednesday. A further appeal was not admitted, Varta had stated.

Restructuring can now be tackled

The company's restructuring plan is therefore legally binding. It provides for a reduction of the share capital to zero as part of the restructuring. For the independent shareholders, this means the complete loss of their money. The investor community is once again preparing a constitutional complaint against this. It failed with its first appeal in Karlsruhe.

SdK lawyer Kienle further criticized the Stuttgart Regional Court for not even addressing the serious constitutional objections because, in the court's opinion, a significant disadvantage had not been demonstrated. The Varta reorganization is taking place within the framework of the Restructuring Act StaRUG, which is intended to spare companies in crisis from insolvency proceedings. The SdK's main criticism is that the StaRUG makes it possible for stock corporations to temporarily reduce their capital to zero before increasing it again. The free shareholders are then left empty-handed.

Porsche's entry planned

In addition to reducing the share capital to zero, the restructuring plan at Varta also provides for a haircut. Varta is also to be delisted from the stock exchange and the shareholders will leave the company without compensation.

Varta would then issue shares again - but only to a company owned by the previous majority shareholder Michael Tojner and the sports car manufacturer Porsche. Both are paying 30 million euros each. A similar procedure was previously used to restructure the automotive supplier Leoni, where the independent shareholders were also left empty-handed./ols/DP/jha