BCN3D has initiated bankruptcy proceedings
The Atomic Layers: S10E27 (00294)
Atomic Layer of the Day:
BCN3D announced last week that it has suspended payments (known in Spain as suspensión de pagos) and voluntarily initiated bankruptcy proceedings (concurso de acreedores). This decision is the result of failed negotiations with bank creditors aimed at restructuring the company’s debt.
It turns out that BCN3D has been struggling with financial difficulties for some time, which have ultimately led to the current crisis.
According to available financial data, BCN3D’s assets are estimated at around €10 million, while its liabilities amount to €7 million. The company employs approximately 50 people, and the commercial court in Barcelona has appointed GS Insolvency Management as the administrator of the bankruptcy proceedings.
As part of the process, an offer to acquire the production unit is being considered, which could help preserve some jobs. It is also worth noting that BCN3D has a subsidiary in the United States.
Until now, BCN3D’s operations have been financed through a mix of private and public funding. The company has completed five funding rounds, raising over €10 million from investors such as CDTI, Mondragón, JME Ventures, and the Danobat Group.
In addition, the company received €7 million in grants from the Spanish government and the regional authorities of Catalonia. The most recent funding round took place in November of last year.
Despite these investments, BCN3D’s revenues remained stagnant at around €5 million annually, and its balance sheet showed consistent losses totaling €10 million since the company’s inception.
What’s next…?
In Spain, bankruptcy proceedings are regulated by the Ley Concursal (Bankruptcy Law) of 2003, with subsequent amendments. The main objective of this law is to ensure a transparent process for handling corporate insolvency, allowing for either the liquidation of the debtor’s assets or their restructuring.
In the case of a voluntary bankruptcy filing (concurso voluntario), as BCN3D has done, the company itself petitions the court for protection from creditors in order to gain time for reorganization.
The court then appoints an administrator whose task is to assess the company’s financial situation and propose either a recovery plan or liquidation strategy.
There are two main possible outcomes:
bankruptcy with the possibility of partial debt forgiveness and continued operations (convenio),
forced liquidation (liquidación).
In BCN3D’s case, the fact that the filing was accompanied by an acquisition offer for its production unit suggests that there may be a chance to preserve part of its operations. However, the key question will be whether the potential new investor can provide sufficient funding and whether creditors accept the proposed terms.
While the current situation represents a serious crisis for BCN3D, it does not necessarily mark the company’s definitive end.
Although long-term losses and unmet sales forecasts point to flaws in the business model, BCN3D’s technology and brand still hold market value.
If, during the bankruptcy process, an investor is found who is willing to acquire and restructure key assets, it is possible that the company may survive in a reduced form.
This is a path recently taken by Forward AM, whose assets were acquired by Stratasys:
And by Zortrax, which is attempting to recover independently:
BCN3D’s roots trace back to 2012, when it began as a research project under Fundació CIM at the Universitat Politècnica de Catalunya (UPC). Initially functioning as a university initiative, the company quickly gained recognition thanks to its well-designed and affordable 3D printers. In 2018, BCN3D spun off as an independent company.
BCN3D’s early success was driven by its Sigma (2015) and SigmaX (2018) series of printers, which stood out for their dual extruders (IDEX) and open-material system. Another milestone came in 2020 with the launch of the Epsilon model, aimed at professional users and offering a large build volume.
In 2022, the company introduced its VLM – Viscous Lithography Manufacturing technology, and a year later, it created a dedicated spin-off company called Supernova.
Atomic Layer from the Past:
05-27-2015: Zortrax presented Inventure.
News & Gossip:
As for Supernova, the rumor is that the company is also in a sort of limbo after a key partner withdrew from the collaboration. This, in turn, is reportedly linked to the fact that the VLM technology is not being commercialized as successfully as Supernova had hoped.
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