MUNICH, July 24 (Reuters) – German battery manufacturer Varta has filed four insolvency applications, a spokesperson for the Stuttgart district court said on Friday, marking another setback for the company.
• Reuters reported on Thursday that Varta planned to file for insolvency after its shareholders sports car maker Porsche AG and Austrian investor Michael Tojner declined to provide additional funding to the struggling company
• Varta now faces a potential breakup: Key creditors, including Deutsche Bank, intend to take over the profitable household battery business, while Tojner has expressed interest in the micro-battery division
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