It looks like Voxeljet has completed its restructuring plan.
The German company produces large-scale 3D printers that are typically used for sand 3D printing, but their technology also can handle ceramics and certain plastics. Their largest device is the massive VX4000, which boasts a build volume of 4000 x 2000 x 1000 mm.
The company has struggled over the past few years and found itself in some financial challenges. In 2023, the company launched an investigation into “strategic alternatives”, which usually ends up with a radical change.
Eventually, it was announced this past April that they decided to restructure the company with the help of a major creditor’s owner, Anzu Partners. The deal, based on the German Company Stabilization and Restructuring Act, would forgive Anzu Partners of the debt owed but would provide them with basically all of the shares of Voxeljet.
Now, a German court has ruled that this approach is confirmed. They explain:
“Main investor Anzu Special Acquisition Corp II (“Anzu”) will contribute new equity capital of EUR 2.5 million as part of a plan confirmed today by the court in Munich. The plan additionally provides for a debt waiver totalling EUR 3.5 million debt owed to Anzu and an extension of the debt maturity until 2031. These measures are intended to ensure the Company’s long-term financing and position voxeljet for future success.”
However, there’s also this:
“The court confirmed the plan in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG) (“StaRUG Plan”). As previously communicated, the plan provides for a simplified reduction of the share capital of voxeljet AG to zero euros. The court-confirmed plan will result in the exclusion of the current shareholders of voxeljet AG without compensation. Subsequently, the company’s capital will be increased excluding the subscription rights of the current shareholders. Anzu, as the only financial creditor affected by the plan, will exclusively be admitted to subscribing to the new shares.”
This effectively makes voxeljet a privately held company, owned by the Anzu Partners holding company.
This could be good news for voxeljet, which had been struggling. Their technology is good, and perhaps new funding from this arrangement might enable the company to break through the sales barriers and begin to grow again.
Via voxeljet
