voxeljet AG to undergo financial restructuring with StaRUG procedure
General meeting rejected the sale of the business to Anzu Partners
The resolution proposal to approve the sale of voxeljet AG’s business to companies affiliated with Anzu Partners LLC did not receive the required majority of votes. As a result, the transaction will not be implemented. Instead, the company’s main creditor, which is affiliated with Anzu, agreed to provide financial contributions as part of a restructuring plan in accordance with the German Company Stabilization and Restructuring Act (“StaRUG”).
Voxeljet‘s management board and supervisory board thus filed a restructuring measure in accordance with StaRUG with the Local Court of Munich at short notice. The planned restructuring measure aims to restore the company’s financial capability. A targeted realignment of the capital structure is intended to improve the short-term liquidity situation, reduce the debt burden and strengthen the equity base.
The restructuring plan provides for an adjustment of the promissory note loans granted by the main creditor. This includes a debt waiver totaling EUR 3,500,000, of which EUR 500,000 will be waived in 2025 and EUR 1,500,000 in 2026 and 2027. In addition, the annual interest rate will be reduced to 3% p.a. from July 2026 onwards. No interest payments are due between August 2025 and June 2026. The loan terms will be extended until at least 2030.
The restructuring plan also provides for a simplified reduction of the share capital of voxeljet AG to zero. The implementation will result in excluding the current shareholders of voxeljet AG without compensation. The company had been taken off the stock market (where it was listed on the NASDAQ) as of April 2024. This latest development is again good news for the company’s continuity and less so for those who had hoped to easily capitalize on its booming growth, many of whom had jumped on the AM bandwagon during the stock market peaks of 2013/14 and 2020/21.
This will be followed by a capital increase excluding shareholders’ subscription rights. The main creditor will subscribe to the new shares as an investor, contributing new equity capital of EUR 2,500,000 as part of the capital increase.
The planned measures on the debt and equity side are designed to position the company for long-term competitiveness and economic viability.
Since it is not predominantly likely that the capital measures envisaged in the restructuring plan will obtain the necessary approval of the voxeljet general meeting (at least 75% of the share capital present), the restructuring plan shall be implemented in accordance with StaRUG.
On this basis, the company will work with its advisors to prepare further documentation at short notice. Implementing the agreement on the restructuring plan will remain subject to customary closing conditions.
The preparation, auditing, and publication of voxeljet AG’s annual and consolidated financial statements will only be possible once the implementation of the restructuring plan has been secured. As a result, the publication of the 2024 annual and consolidated financial statements will be delayed and cannot take place until the second half of August 2025 at the earliest.
