voxeljet shifts to debt restructuring under Germany’s StaRUG law after failed sale to Anzu Partners.
The 3D printing company voxeljet (OTCMKTS: VJTTY) is pivoting to a new survival strategy after shareholders rejected a proposed sale to US investment firm Anzu Partners.
The company announced it will now restructure under Germany’s StaRUG law, a legal framework that allows struggling businesses to reorganize without filing for bankruptcy.
Despite the collapsed acquisition, voxeljet isn’t facing immediate financial collapse. Its primary creditor, Anzu Ventures II LLC — an affiliate of Anzu Partners — has stepped forward with an alternative plan to keep the company afloat.
Instead of taking control through the previously proposed sale, Anzu Ventures will support voxeljet by restructuring its debt and providing fresh capital. The new arrangement offers voxeljet a second chance at survival, though not under the terms Anzu initially sought.
At an April 30 general meeting, shareholders failed to approve the full sale of voxeljet’s business to Anzu Partners-affiliated entities, officially ending the deal first announced late last year. Immediately following the failed vote, voxeljet turned to Germany’s Stabilisierungs- und Restrukturierungsgesetz (StaRUG).
Under the new restructuring plan, Anzu Ventures will waive €3.5 million in debt and inject €2.5 million in new equity to stabilize operations. The company has already filed the necessary court application in Munich to begin the process.
The financial relief package includes several measures to reduce pressure on voxeljet. Interest rates on remaining loans will drop to 3% starting in mid-2026, with a payment holiday between August 2025 and June 2026. The repayment timeline extends to no earlier than 2030.
In a dramatic move for current investors, voxeljet will cancel all existing shares, meaning shareholders will lose their ownership without compensation — a measure permitted under Germany’s StaRUG law. The company will then issue new shares, available exclusively to Anzu Ventures, which will become the sole owner after investing €2.5 million.
This restructuring marks a pivotal point for voxeljet, one of the first 3D printing companies in Europe. voxeljet was founded in 1999 as a startup company coming from the Technical University of Munich and gained recognition for its advanced printers catering to the aerospace, energy, and automotive sectors.
Nowadays voxeljet, like many companies in the 3D printing industry, is struggling to capture the value of their innovation in a profitable way, operating in a steadily loss generating business. Despite having a good customer base and expanding internationally, the company’s growth is constrained by debt and ongoing losses.
The failed Anzu sale could have spelled the end for voxeljet. Instead, the company is pursuing a path that continues operations, though at considerable cost to current shareholders.
As part of the restructuring, voxeljet will delay publishing its 2024 financial statements until after the plan is finalized, likely no earlier than August 2025.
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While the restructuring still requires German court approval, voxeljet appears confident about the outcome given creditor support and the limited shareholder veto power under StaRUG law.
