Massachusetts-based metallic 3D printer producer Desktop Metallic (DM) has filed for Chapter 11 chapter. The corporate has additionally agreed to promote its overseas subsidiaries, ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO s.r.l., to an affiliate of Anzu Companions, pending Court docket approval and customary closing circumstances.
DM’s chapter was filed within the Southern District of Texas. In accordance with an official press launch, the corporate’s unbiased Board of Administrators made this choice to guard the enterprise “whereas it markets its remaining property.”
The announcement comes after electronics 3D printing specialist Nano Dimension finalized its $179.3 million acquisition of Desktop Metallic in April. On the time, Nano revealed that Desktop Metallic had launched a overview of strategic alternate options to deal with its liabilities and liquidity challenges. That course of has now concluded, with DM’s Board opting to file for chapter.
Desktop Metallic has retained Pachulski Stang Ziehl & Jones LLP as authorized counsel, FTI Consulting as monetary advisor, and Piper Sandler & Co. as funding banker.
“The Firm values its stakeholders—staff, prospects, distributors, and different companions can be communicated with instantly on subsequent steps within the coming days,” commented Desktop Metallic in an official assertion.
Nano Dimension’s CEO, Ofir Baharav, said: “We’re safeguarding our monetary power and preserving our place as one of the best capitalized firm in our ecosystem. That is what permits the Firm to pursue strategic alternatives from a place of most power—and that’s precisely what the Firm’s shareholders ought to anticipate from us.”
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Featured picture reveals Desktop Metallic 3D printers. Picture through Desktop Metallic.
