There’s trouble at Zortrax, the Polish 3D printer manufacturer.
At one time Zortrax was one of the most advanced in the industry, with popular 3D printer models sold to professionals. Now it seems they are feeling the pressure created by the introduction of low-cost powerful equipment from a number of Asian manufacturers, like many other long-term 3D printer manufacturers.
Over the past few weeks there has been tumultuous meetings and activity at Zortrax. An inspection of the official notices on the Polish NewConnect stock exchange reveals quite a number of changes.
In the Communiqués we see a series of resignations from the company’s board of directors, apparently including the chair. We see an extraordinary meeting of shareholders called. We see a series of resolutions moved, along with other changes.
It appears that the company is in dire financial straits, and is taking extreme actions in an attempt to recover. The moves include issuing new shares to raise capital, and selling a major piece of real estate, which could help draw down the significant debt load.
According to a post by Pawel Slusarczyk the company is in restructuring mode:
”The company listed on NewConnect – the Polish stock exchange, announced on Saturday that it has already signed an agreement with the arrangement supervisor and intends to carry out a comprehensive restructuring process in terms of revenues and costs.
As part of the proceedings, Zortrax intends to further reduce employment, outsource selected operational processes, reduce the costs of renting office space, renegotiate agreements and obtain new contracts, while increasing direct sales and restructuring debts as part of the concluded arrangement. The company also claims that it is already conducting talks with creditors, which promise to adopt an arrangement and quickly conclude the proceedings.”
None of this sounds very good, and it may be that Zortrax may not recover. This is not surprising, as the emergence of low cost, high performance equipment a two years ago has shaken the entire industry, and there was bound to be casualties.
One of them could be Zortrax.
Via NewConnect and Zortrax
