Zortrax submitted a restructuring plan to the court

They were supposed to bring big profits - now they are trying to get out of financial trouble

Zortrax, once a leading manufacturer of desktop FFF 3D printers in Europe, has been facing significant financial difficulties for some time. In May, the company announced a restructuring. Now, it has submitted a report from the arrangement supervisor to the Polish court, indicating that a partial arrangement has been accepted, along with a list of creditors and a restructuring plan.

Zortrax is the creator of FFF (M200, M300, Endureal) and UV LCD (Inkspire) 3D printers. It has been operating since 2013, and between 2014 and 2018, it was one of the undisputed leaders in the market. However, the company's success started to decline, and during the COVID-19 pandemic, Zortrax encountered serious problems, largely due to lockdowns (as the production of 3D printers takes place in China).

The company, listed on the Polish NewConnect stock exchange, is fighting to regain a stable position. The restructuring is intended primarily to help the company emerge from its enormous debts. The debt repayment plan has been outlined in court documents:

According to the arrangement proposals:

Group 1 - Social Insurance Institution (ZUS): The debts will be paid in full without reduction in 24 equal monthly installments.

Group 2 - Creditors with claims not exceeding PLN 130,000 on the arrangement date: The debts will be paid without interest on the principal amount. The first installment will be PLN 5,000 or an amount corresponding to the value of the principal debt, with the remaining amount payable in 36 equal monthly installments. The arrangement proposals also include full cancellation of interest on the principal amount, as well as other incidental costs.

Group 3 - Creditors with claims exceeding PLN 130,000 on the arrangement date: The principal amount of the debt will be satisfied by converting this debt into the maximum number of the company's shares. Upon the final approval of the partial arrangement, these debts will be converted into newly issued series G shares. The payment for these shares will be covered by offsetting the debt.