Varta's CEO, Michael Ostermann, has defended the restructuring as essential for the company's survival and the protection of approximately 4,000 jobs.

SdK intends to challenge the restructuring plan through two legal avenues: a constitutional complaint and an immediate appeal at the Stuttgart District Court against the plan's confirmation.

Varta, a prominent battery manufacturer, is currently facing a significant crisis, prompting concerns among shareholders about potential financial losses.

Following the restructuring, Varta plans to issue new shares exclusively to its previous majority owner, Michael Tojner, and the sports car manufacturer Porsche, with each investing 30 million euros.

SdK has criticized the StaRUG framework for enabling companies to temporarily reduce their capital to zero, effectively expropriating shareholders without compensation.

Markus Kienle, a board member of SdK, emphasized the law's potential for abuse, highlighting that it often results in total losses for minority shareholders.

This situation draws parallels to the previous restructuring of auto supplier Leoni, where minority shareholders similarly received no compensation.

Varta's restructuring plan involves a debt cut and capital reduction to zero, leading to the company's delisting from the stock exchange and the exit of shareholders without any compensation.

The SdK announced its legal action during the presentation of its annual 'Schwarzbuch Börse,' which highlighted ongoing concerns regarding shareholder rights.

In response to Varta's restructuring plan, the SdK investor community is taking legal action to halt the proposal, which includes a drastic reduction of share capital to zero, threatening total loss for minority shareholders.

The restructuring is being conducted under Germany's StaRUG law, which is designed to help struggling companies avoid bankruptcy proceedings.