An unexpected turn of events... Forward AM has filed for insolvency!!!
The Atomic Layers: S4E24 (00110)
Atomic Layer of the Day:
Michael Petch from 3D Printing Industry reported today that Forward AM Technologies GmbH—the German 3D printing materials manufacturer spun off from BASF in July this year—has filed for insolvency at the District Court in Heidelberg. This occurred on November 21, 2024, right in the middle of the ongoing Formnext trade show, where the company was one of the most prominent exhibitors.
This is a surprising turn of events, especially considering that I spent a significant amount of time at the company’s booth, and there was absolutely no indication that it might be facing any difficulties—let alone insolvency.
Alright, so what does this actually mean?
According to German insolvency law (Insolvenzordnung), companies are required to file for insolvency within three weeks of realizing they can no longer meet their financial obligations. This process has two primary goals:
Facilitating the restructuring and continuation of the business (if possible)
Liquidating assets to repay creditors.
In cases of restructuring, companies can utilize the StaRUG framework, which allows them to negotiate arrangements with creditors even before formal insolvency proceedings begin. This option might help Forward AM protect key assets and continue operations in a modified form.
Additionally, German law safeguards employee wages through the Insolvency Compensation Fund (Insolvenzgeld), which covers up to three months of wages prior to the insolvency declaration.
For Forward AM, filing for insolvency might be a strategic move to restructure and avoid complete liquidation. This process also opens the door for potential investors to inject capital in exchange for a stake in the company—a beneficial scenario if the firm has valuable technologies or market positions worth preserving (and we know it does).
Decisions on the next steps will be made by the court and an administrator appointed to oversee the insolvency proceedings. A crucial factor will be whether an investor steps in to financially support Forward AM’s restructuring efforts.
I briefly spoke with a representative from Sculpteo, which was set to become part of Forward AM after the BASF spin-off. According to my source, this situation does not significantly affect the French company, as it still formally operates as an independent business entity.
More to come...
Atomic Layer from the Past:
11-24-2017: EnvisionTEC (ETEC) launched Aria.
News & Gossips:
Michael Petch is having a big day today. The guy is truly talented, but lately, his 3D Printing Industry has been rather sloppy with publishing news (sometimes even two weeks late [SIC!]). However, today Michael returned to top form. First, he broke the story about Forward AM’s troubles, and then he got an official statement from Robert Yusin, who served as Voxeldance’s Chief Operating Officer in 2021, confirming that the source code from Autodesk’s Netfabb was “for sure” used by Voxeldance. So yeah, the Chinese company is facing serious issues—not just with its reputation but also legally.
This story is like few days old, but KIMYA decided to call it a day. They officially exit 3D prinitng filament manufacturing, as their parent company ARMOR Group pulled the plug.
For those who were at Formnext I remind you, for those who weren't - I inform you: there was no Raise3D at the fair. Interesting, isn't it?