Zortrax secures approval for its arrangement with creditors from the court
The Atomic Layers: S4E12 (00098)
Atomic Layer of the Day:
If you remember Zortrax, you likely recall that it was once a leading manufacturer of desktop FFF 3D printers worldwide. Unfortunately, those days are long behind us. After struggling to survive the COVID-19 pandemic, Zortrax's financial condition gradually worsened. This culminated in the first half of this year, when Zortrax filed for restructuring in court.
The restructuring was necessitated by Zortrax’s substantial outstanding debts to companies and state institutions. As part of the restructuring, the company entered into an arrangement with its creditors. Yesterday, Zortrax’s management announced that the District Court in Olsztyn, Poland, had approved a partial arrangement with some of the company’s creditors.
This arrangement pertains to obligations from Zortrax’s operational activities and covers three groups of creditors:
The Social Insurance Institution (ZUS).
Creditors with claims against Zortrax of up to 130,000 PLN (~30,2k EUR ) as of May 10, 2024.
Creditors with claims exceeding 130,000 PLN (~30,2k EUR).
In the vote on the arrangement, 39 creditors representing 91.6% of those eligible to vote participated. Of these, 32 creditors, holding 89% of the claims, voted in favor of the arrangement.
The partial arrangement does not cover creditors holding bonds issued by Zortrax. Series H bonds are subject to a separate expedited restructuring procedure (PPU) initiated by the company on July 8, 2024.
The company paid interest on Series H bonds up to June 29, 2024, but interest from June 30 to December 31, 2024, is included in the PPU application, meaning payments are postponed until this application is resolved.
The company is currently awaiting final court approval of the decision. Once the decision is finalized, Zortrax will begin implementing the arrangement, allowing for repayment of debts to creditors included in the court’s decision, in accordance with the agreed terms.
Atomic Layer from the Past:
11-12-2019: BCN3D launched the Epsilon.
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