There’s been some developments with Zortrax.
The Polish company, once one of the leaders in 3D printing, has been facing significant financial issues in the past couple of years. In May of this year the company announced a restructuring program.
However, there was more to the story, with multiple resignations from the board of directors, including the chair. Extraordinary shareholder meetings were held. All not very good.
Then, nothing. We didn’t hear anything from the company until today.
In a bulletin from Zortrax, they explain the company’s largest contractors are owed unspecified amounts, likely for services rendered, such as machine manufacturing and part supplies. However, these claims are stalled as a result of the restructuring declaration.
The parties apparently have struck a deal in which the debts will be converted into company shares for these contractors. We don’t know what proportion of the company shares will be owned by these unnamed parties, but it seems that Zortrax will have some new owners.
We do know that the total value of the shares will be approximately US$1.7M. Whether that is a majority of the valuation or not, we cannot know.
Company debts were divided into three classes. One class, the larger creditors, was converted into shares as above. The rest will be paid out using installment payments over longer periods lasting up to 36 months.
The restructuring doesn’t just deal with the creditors. Zortrax is also significantly reducing expenses. In a press release, Zortrax CEO Mariusz Babula said:
“The profound changes that the company has undergone will result in a reduction in real estate rental costs by nearly 80% compared to the level at the beginning of 2023, wage and social security costs by approx. 70% and external services costs by nearly 50%. At the same time, Zortrax maintains the ability to develop software, develop new hardware, provide machines, parts, and materials for 3D printing, and provide technical support to existing and new customers.”
That’s quite significant, and might enable the company to recover. However, they’re in what is the most competitive market yet seen in 3D printing, and will have a tough road ahead.
Via Zortrax
