voxeljet may be saved, but at the expense of its investors, who in return will lose all their shares 💀
The Atomic Layers: S10E2 (00269)
Atomic Layer of the Day:
I’m not sure if you remember, but back in December last year, there was a big story: voxeljet — the legendary European 3D printing company — was sold for a bag of chips.
More specifically, it was sold to Anzu Partners, an American investment firm, for a mere €20 million — of which only €1.7 million was in cash. The rest went to cover the company’s debts.
I wrote about it here:
Well, if you do remember — here’s an update:
voxeljet’s shareholders opposed the deal, and the transaction was definitively shut down. It’s no longer happening. The sale is off.
But that’s not the end… in fact, it’s only the beginning!
Anzu Partners had anticipated this scenario and filed a new restructuring plan for voxeljet with the District Court in Munich, under Germany’s Corporate Stabilization and Restructuring Act (StaRUG).
According to this plan (outlined in detail below):
voxeljet AG's share capital will be simplified down to zero,
effectively eliminating all existing shareholders without compensation,
followed by a capital increase excluding subscription rights,
with new shares issued to Anzu Partners, who will inject €2,500,000 in fresh capital.
Thank you, good night.
More details…
voxeljet is a German company specializing in 3D printing technologies for the casting industry. Founded in 1999 as a spin-off of the Technical University of Munich, voxeljet revolutionized the production of large sand molds using Binder Jetting technology — widely applied in the automotive sector, including Tesla’s gigacasting process and collaborations with General Motors and BMW.
Despite their innovation, voxeljet had been struggling for years with poor sales, heavy losses, and a reliance on unconventional financing methods, leading to significant debt — and ultimately to the now-cancelled deal with Anzu Partners.
This sale met strong resistance from shareholders (I’ve read a few emails expressing their disappointment), many of whom feared a fire sale of voxeljet’s assets following the deal’s ratification, leaving them with nothing.
So at the April 30, 2025 General Meeting, voxeljet shareholders voted down the proposed sale to Anzu Partners, effectively blocking the transaction.
In response, voxeljet’s main creditor, affiliated with Anzu, agreed to support the company through a restructuring plan filed under StaRUG. This plan aims to restore voxeljet’s financial viability and includes several key measures:
Debt forgiveness of €3.5 million
€500,000 in 2025
€1.5 million in both 2026 and 2027
Interest rate reduction to 3% annually from July 2026 onward
Suspension of interest payments from August 2025 to June 2026
Extension of loan repayment terms until 2030.
Additionally, the plan includes a capital reduction to zero, eliminating all current shareholders without compensation, followed by a capital increase through a new share issuance.
The main creditor will subscribe to these shares, contributing €2.5 million in cash.
The goal of this StaRUG restructuring is to improve short-term liquidity, reduce debt, and strengthen voxeljet’s capital base — theoretically giving the company a chance at long-term competitiveness.
However, the removal of existing shareholders without any payout is a drastic move, reflecting a complete lack of alternative funding sources.
While the €2.5 million capital injection and partial debt write-off may buy voxeljet time to recover, the success of the plan depends on the management’s ability to boost sales and capitalize on market potential.
Sure, there's talk of rising defense and infrastructure spending — like Ursula von der Leyen’s proposed €800 billion EU defense fund — which could create opportunities for voxeljet… but that’s just speculation for now.
Either way — add this one up to the growing list of additive manufacturing disasters.
PS: the restructuring court still has to approve the plan. It will only do so if it considers the plan to be better for all stakeholders than the alternative of insolvency.
Atomic Layer from the Past:
05-02-2013: Printrbot released the iconic and ultra-affordable Printrbot Simple.
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