Varta shares plunge 80% as company faces dramatic restructuring

Shares in German battery maker Varta AG plunged as much as 80% to a record low on Monday after the company announced it was facing a dramatic restructuring.

The company said it was considering filing for insolvency under a new German law designed to help struggling companies restructure. Varta's shares have been in freefall since the company warned in June that it would not be able to meet its financial targets for the year.

The company has been hit by a number of problems, including supply chain disruptions, rising raw material costs, and a slowdown in demand for its batteries. Varta's problems have been compounded by the fact that it has a high level of debt. The company's lenders have been pressing it to restructure its finances, and Varta has been in talks with them for several months.

The company's proposed restructuring plan would involve a debt-for-equity swap that would give its lenders control of the company. Varta's shareholders would be wiped out under the plan.

The company's announcement has sent shockwaves through the German stock market. Varta is one of the country's leading battery makers, and its shares are widely held by investors. The company's troubles are a sign of the challenges facing the German economy, which is struggling with high inflation and slowing growth.