A few words about Zortrax's ongoing fight for survival (+ a bigger batch of News & Gossip)
The Atomic Layers: S8E20 (00226)
Atomic Layer of the Day:
Zortrax, which has been a shadow of its former self for some time now, still refuses to throw in the towel and keeps fighting to get back on track. Although the company's financial statements look disastrous, the determination with which the management fights for survival is truly admirable.
And I mean it.
Many would have given up by now, but Zortrax simply refuses to die.
Zortrax is still undergoing restructuring. Yesterday, they announced a new decision from the District Court in Olsztyn (where the company is based) regarding the approval of a partial arrangement. This agreement concerns the repayment of debts to various groups of creditors under specified conditions.
The court divided the creditors into three groups, each with different repayment terms:
Group 1 — Social Insurance Institution (ZUS): The debts of this group will be repaid in full, without any reductions, in 24 equal monthly installments. The first installment is to be paid within a month after the court's decision becomes final.
ZUS is the silent murderer of Polish entrepreneurship — an institution that consumes endless financial resources provided by business owners. This is where the problems of every Polish company begin and end. Your partners may deceive you, your contractors may steal from you — but in the end, it’s ZUS that will kill you.
Group 2 — Creditors with claims up to 130,000 PLN (approx. 32k EUR): These creditors will receive repayment without interest. The first installment will be 5,000 PLN (or less if the debt is lower), and the rest will be repaid in 36 monthly installments, starting from the sixth month after the court’s decision. Interest and debt collection costs will be waived.
Group 3 — Creditors with claims over 130,000 PLN: Their debts will be converted into Zortrax shares. These shares will belong to a new Series G, with a nominal value of 0.10 PLN each. Over 66 million new shares will be issued, increasing the company's share capital by approximately 6.6 million PLN. These shares will be eligible for dividends starting in 2024, and the company plans to list them on the NewConnect market.
Zortrax hopes for a swift finalization of the court’s decision, allowing the restructuring plan to be implemented. The company aims to use these measures to overcome its financial difficulties and regain stability.
What more can I say? Sending prayers...?
Atomic Layer from the Past:
03-20-2018: Desktop Metal accused Markforged of infringing on patents related to metal 3D printing technology (BMD vs. ADAM).
Now, this is pretty messed up… I already described it in today's Notes. This morning, I published a post on LinkedIn with above story, that almost no one saw. The algorithm limited it to just 41 impressions in 8 hours. If that's not censorship, I don't know what is?
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News & Gossip:
UltiMaker has appointed Andy Middleton as Senior Vice President–EMEA. Middleton, a 3D printing industry veteran with over 20 years of experience (including at Stratasys and XJet), will strengthen the company's position in the EMEA region and support its growth. His arrival is following the recent launch of the new UltiMaker S8 printer.
Axtra3D has validated four new dental resins for its Lumia X1 3D printer: NextDent Model Sand, Pro3dure Splint 19.1 AO/MSI, Pro3dure Denture 14.2, and Pro3dure Crown & Bridge.
Boston Micro Fabrication (BMF) has launched FR, a flame-retardant material for micro-scale 3D printing, featuring a UL94 V-0 rating and high heat resistance (160°C HDT). Available in Transparent Yellow and Black, it’s optimized for BMF’s microArch printers.
Today, Bambu Lab revealed that their new 3D printer will use servomotors. In other words, they've done the first of two things I predicted next-generation desktop 3D printers would feature. And I made that prediction back in January 2024 on LinkedIn. Yes, I’m that smart. If more people in the industry cared to listen to me, the industry might be in a different place than it is today. A better place.
Tomorrow, I'm launching something new. Once again, we'll travel back to the past. But unfortunately—no freebies this time. I tried to arrange it, but it didn’t work out. It is what it is—and it won’t get any better for a while. They don’t want to listen to me☝️, so they don’t have money 😕
Shared. Thanks for a view in English:)