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voxeljet AG - Court confirms StaRUG Plan
voxeljet AG - Court confirms StaRUG Plan

Business Wire

time03-07-2025

  • Business
  • Business Wire

voxeljet AG - Court confirms StaRUG Plan

FRIEDBERG, Germany--(BUSINESS WIRE)--voxeljet AG (the 'Company', 'voxeljet', or 'we'), a provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced that main investor Anzu Special Acquisition Corp II ('Anzu') will contribute new equity capital of EUR 2.5 million as part of a plan confirmed today by the court in Munich. The plan additionally provides for a debt waiver totalling EUR 3.5 million debt owed to Anzu and extension of the debt maturity until 2031. These measures are intended to ensure the Company's long-term financing and position voxeljet for future success. CEO Rudolf Franz comments: 'We implemented the necessary process in a short period of time to minimize disruption to our operating business. With the court's confirmation of the plan, we believe this phase of the process is complete.' Franz added: 'This plan provides continuity of our operations, reinforcing our commitment to reliably serving our customers and meeting their ongoing and future needs. The plan will secure sustainable financial stability and can lead voxeljet into a successful future.' The court confirmed the plan in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG) ('StaRUG Plan'). As previously communicated, the plan provides for a simplified reduction of the share capital of voxeljet AG to zero euros. The court-confirmed plan will result in the exclusion of the current shareholders of voxeljet AG without compensation. Subsequently, the company's capital will be increased excluding the subscription rights of the current shareholders. Anzu, as the only financial creditor affected by the plan, will exclusively be admitted to subscribing to the new shares. The debt waiver will be composed of EUR 500,000 to be waived in 2025 and EUR 1,500,000 in each of 2026 and 2027. Furthermore, the annual interest rate will be reduced to 3% p.a. from July 2026 onwards. No interest payments are due until after June 30, 2026. The plan also stipulates that the promissory note loans will only become due for repayment on January 2, 2031. The plan shall be implemented immediately after the plan confirmation becomes legally binding. ABOUT VOXELJET voxeljet was founded in 1999 as a spin-off from Technical University Munich (TUM) with a clear vision in mind: to establish a new manufacturing standard by developing new generative processes for the series-production of complex components using 3D printing. Voxeljet is a globally acting, leading provider of high-speed, large-format 3D printers and on-demand 3D printed parts to industrial and commercial customers. Components manufactured with the help of voxeljet technology are flying in space, make mobility more efficient and enable the production of new engineering solutions. Visit voxeljet's website and follow us on LinkedIn. ABOUT ANZU PARTNERS Anzu Partners is an investment firm that focuses on clean tech, industrial and life science technology companies with the potential to transform their industries. Anzu works with entrepreneurs to develop and commercialize technological innovations by providing capital alongside deep expertise in business development, market positioning, global connectivity, and operations. As of 2024, Anzu Partners managed assets of approximately $1 billion with a team of over fifty professionals in offices across Atlanta, Boston, San Diego, Tampa, and Washington DC. For more information, please visit

Candlewood Partners Advises Mynaric AG on its Restructuring
Candlewood Partners Advises Mynaric AG on its Restructuring

Business Wire

time26-06-2025

  • Business
  • Business Wire

Candlewood Partners Advises Mynaric AG on its Restructuring

DELRAY BEACH, Fla.--(BUSINESS WIRE)-- Candlewood Partners ("Candlewood"), a middle market investment bank, is pleased to announce the successful restructuring of all existing secured debt issued by Mynaric AG ("Mynaric") together with arranging a new financing to strengthen the company's balance sheet and support the company as it further scales production. Mynaric is a US- and European- integrated designer and manufacturer of mission critical laser communications systems for command and communication applications across space, airborne, and terrestrial operations. The company supports some of the US Government's most high-profile programs, such as the SDA's Proliferated Warfighter Space Architecture satellite constellation and serves as a strategic supplier to leading commercial Aerospace & Defense customers. Candlewood Partners acted as the financial advisor and investment banker to assist the company in reaching a restructuring deal with the holders of its $105.5M note, as well as raising an incremental €50 million in funding to support the operations of the business going forward. On May 28, 2025, the restructuring plan proposed by the company in accordance with the German Corporate Stabilization and Restructuring Act ('StaRUG') was confirmed by the restructuring court, and became legally effective June 25, 2025. The transaction results in the following for Mynaric: Cancellation of all outstanding equity interests and delisting on both the Frankfurt Stock Exchange and NASDAQ Cancellation of the full $105.5 million secured note, plus accrued interest and exit fees, in exchange for 100% of the company's common share ownership An injection of €50 million in new funding by the former noteholders This transaction underscores Candlewood's strength in restructuring advisory and cross-border advisory services and continued success advising clients in the aerospace & defense sector. ABOUT MYNARIC AG Mynaric is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. ABOUT CANDLEWOOD PARTNERS Candlewood Partners is a Cleveland, New York, and South Florida-based boutique investment bank and advisory firm. Our focus is middle market capital raising, restructuring advisory, lender services, and M&A execution. Since 2001, Candlewood has supported the needs of private companies, small cap public companies, private equity and independent sponsors, and private credit lenders. We leverage decades of experience to maximize value for our clients, successfully navigating complex engagements across diverse industries and markets worldwide.

Mynaric to Receive Early Partial Disbursement of Restructuring Loans Due to Delays in StaRUG Proceedings
Mynaric to Receive Early Partial Disbursement of Restructuring Loans Due to Delays in StaRUG Proceedings

Associated Press

time09-05-2025

  • Business
  • Associated Press

Mynaric to Receive Early Partial Disbursement of Restructuring Loans Due to Delays in StaRUG Proceedings

MUNICH, DE / ACCESS Newswire / May 9, 2025 / Mynaric AG (OTC PINK:MYNAY)(MOYFF) (ISIN: US62857X1019) (FRA:M0YN) (ISIN: DE000A31C305) (the 'Company') announces the early disbursement of up to USD 10.5 million from the already agreed USD 25 million restructuring facility by its existing lenders due to delays in StaRUG proceedings. On February 7, 2025, the Company had announced, among other things, that it resolved on commencing restructuring proceedings in accordance with the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) ('StaRUG') and on a loan agreement with its U.S.-based lenders CO FINANCE II LVS I LLC and OC III LVS LIII LP (the 'U.S. Lenders') pursuant to which the U.S. Lenders agreed to provide restructuring loans in the amount of USD 25 million (the 'Restructuring Facility') to cover expected capital needs to support the Company's production plan and to fund its ongoing operations in accordance with its restructuring plan. The Company submitted the final restructuring plan to the competent restructuring court in Munich in March 2025. The court today set the discussion and voting meeting (Erörterungs- und Abstimmungstermin) for May 28, 2025. The Company expects the StaRUG proceedings to close in late Q2/2025 or the first of half of Q3/2025. To secure its current operational and working capital needs, the Company today entered into an amendment to the Restructuring Facility, pursuant to which the U.S. Lenders agreed to disburse loans under the Restructuring Facility in a total amount of up to USD 10.5 million earlier than initially contemplated (the 'Early Payout Loans'). The Early Payout Loans are in addition to the USD 95 million loans and the USD 49.5 million bridge loans that the U.S. Lenders provided in the past. The Restructuring Facility (including the Early Payout Loans) will be provided to the Company and guaranteed by each of its subsidiaries and bears interest at a rate of 8% p.a. The disbursement of the Early Payout Loans is subject to the satisfaction of certain conditions, including the execution of a guarantee agreement by the Company and each of its subsidiaries. The Company expects to satisfy such conditions and have the Early Payout Loans fully available by May 12, 2025. The Restructuring Facility (including the Early Payout Loans) will mature on December 31, 2028 and may be terminated early upon, among other things, certain customary events of default. The disbursement of the Early Payout Loans will accordingly reduce the remaining available commitments under the Restructuring Facility. The availability of the remainder is subject to the satisfaction of certain further conditions, including the approval of the restructuring plan and the grant of security. The Company expects to satisfy such conditions and all other applicable conditions. In connection with the amendments to the Restructuring Facility to allow for the disbursement of the Early Payout Loans, the Company agreed to certain additional restrictive covenants vis-à-vis the U.S. Lenders, including the operation of its and its subsidiaries' businesses in the ordinary course of business and the retention of the status quo of their operations until the closing of the sale of the U.S. Lenders' future interest in the Company. The Company learned from a press release published by Rocket Lab USA, Inc. on March 11, 2025 that Rocket Lab and the U.S. Lenders had entered into a non-binding term sheet regarding the U.S. Lenders' future interest in the Company subject to the execution of definitive agreements, the completion of the StaRUG restructuring and the receipt of regulatory approvals. The Company is not party to the term sheet or the definitive agreements. About Mynaric Mynaric (OTC: MYNAY, MYOYFF) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. For more information, visit Forward-Looking Statement This release includes forward-looking statements. All statements other than statements of historical or current facts contained in this release, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, assumptions, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. Forward looking statements are often indicated by terms such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'intend,' 'look forward to,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target' 'will,' 'would' and/or the negative of these terms or other similar expressions that are intended to identify forward-looking statements. The forward-looking statements included in this release are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties and assumptions that are difficult to predict or are beyond our control, and actual results may differ materially from those expected or implied as forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to (i) the impact of any geopolitical tensions on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, our history of significant losses and the execution of our business strategy, (iii) risks related to our ability to successfully manufacture and deploy our products and risks related to serial production of our products, (iv) risks related to our sales cycle which can be long and complicated, (v) risks related to our limited experience with order processing, our dependency on third-party suppliers and external procurement risks, (vi) risks related to defects or performance problems in our products, (vii) effects of competition and the development of the market for laser communication technology in general, (viii) risks related to our ability to manage future growth effectively and to obtain sufficient financing for the operations and ongoing growth of our business, (ix) risks relating to the uncertainty of the projected financial information, (x) risks related to our ability to adequately protect our intellectual property and proprietary rights and (xi) changes in regulatory requirements, governmental incentives and market developments. Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements included in this release are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless required under applicable law, neither we nor any other person undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release or otherwise. You should read this release with the understanding that our actual future results, levels of activity, performance and events and circumstances may materially differ from what we expect. This release may include certain financial measures not presented in accordance with IFRS. Such financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that our presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. SOURCE: Mynaric AG press release

voxeljet AG Announces Financial Restructuring With StaRUG Procedure After General Meeting Rejects Approval of the Sale of the Business to Anzu
voxeljet AG Announces Financial Restructuring With StaRUG Procedure After General Meeting Rejects Approval of the Sale of the Business to Anzu

Business Wire

time30-04-2025

  • Business
  • Business Wire

voxeljet AG Announces Financial Restructuring With StaRUG Procedure After General Meeting Rejects Approval of the Sale of the Business to Anzu

FRIEDBERG, Germany--(BUSINESS WIRE)--Today, voxeljet AG (the ' Company ') announced that at today's general meeting, the resolution proposal to approve the sale of the business of voxeljet AG to companies affiliated with Anzu Partners LLC (' Anzu ') did not receive the required majority of votes. As a result, the transaction announced at the end of last year will not be implemented. After the general meeting, the Company's main creditor, which is affiliated with Anzu, agreed to provide financial contributions as part of a restructuring plan in accordance with the German Company Stabilization and Restructuring Act (' StaRUG '). Subsequently, the management board and supervisory board of the Company decided to file a restructuring measure in accordance with StaRUG with the Local Court of Munich at short notice. The planned restructuring measure is aimed at restoring the Company's financial capability. A targeted realignment of the capital structure is intended to improve the short-term liquidity situation, reduce the debt burden and strengthen the equity base. The restructuring plan provides for an adjustment of the promissory note loans granted by the main creditor. This includes a debt waiver totaling EUR 3,500,000, of which EUR 500,000 will be waived in the year 2025 and EUR 1,500,000 in each of the years 2026 and 2027. In addition, the annual interest rate will be reduced to 3% p.a. from July 2026 onwards. No interest payments are due between August 2025 and June 2026. The term of the loans will be extended until at least 2030. The restructuring plan also provides for a simplified reduction of the share capital of voxeljet AG to zero. The implementation will result in the exclusion of the current shareholders of voxeljet AG without compensation. This will be followed by a capital increase excluding shareholders' subscription rights. The new shares will be subscribed by the main creditor as investor, who will contribute new equity capital of EUR 2,500,000 as part of the capital increase. The planned measures on the debt and equity side are designed to position the company for long-term competitiveness and economic viability. Since it is not predominantly likely that the capital measures envisaged in the restructuring plan will obtain the necessary approval of the general meeting (at least 75% of the share capital present), the restructuring plan shall be implemented in accordance with StaRUG. On this basis, the Company will work with its advisors to prepare further documentation at short notice. The implementation of the agreement on the restructuring plan will remain subject to customary closing conditions. The preparation, auditing, and publication of the annual and consolidated financial statements of voxeljet AG will only be possible once the implementation of the restructuring plan has been secured. As a result, the publication of the annual and consolidated financial statements for 2024 will be delayed and cannot take place until the second half of August 2025 at the earliest. ABOUT VOXELJET voxeljet's was founded in 1999 as a spin-off from Technical University Munich (TUM) with a clear vision in mind: to establish a new manufacturing standard by developing new generative processes for the series-production of complex components using 3D printing. In the beginning, operations were launched with four employees at the TUM. Today, we are a globally acting, leading provider of high-speed, large-format 3D printers and on-demand 3D printed parts to industrial and commercial customers. Components manufactured with the help of voxeljet technology are flying in space, make mobility more efficient and the production of new engineering solutions possible. Visit voxeljet's website and follow us on LinkedIn, or on Twitter.

Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries
Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries

Yahoo

time10-03-2025

  • Business
  • Yahoo

Mynaric Updates on Operational Continuity and Ongoing Production and Deliveries

Mynaric is continuing to ramp up and increase deliveries of its flagship CONDOR Mk3 StaRUG proceedings intended to place company on secure financial footing moving forward MUNICH, March 10, 2025 /PRNewswire/ -- Mynaric (NASDAQ: MYNA) (FRA: M0YN), a leading provider of industrialized, cost-effective, and scalable laser communications products, today confirms that it is continuing to ramp up production and customer deliveries of the CONDOR Mk3 optical communications terminal and updates on the background to the company's StaRUG proceedings. "We are continuing to deliver on our promise to the industry to provide scalable products that meet evolving program requirements, and drive innovation in areas such as multi-orbit constellations. To maintain our industry position, we must continue delivering to existing customers while advancing future applications of optical communications technology." - Joachim Horwath, Chief Technology Officer and founder of Mynaric The StaRUG proceedings, once completed, would provide for significant debt relief, enabling the company to continue to serve its current and potential customers, suppliers and partners. "We firmly believe that this restructuring is the best course of action for Mynaric's future. With the support and trust of our lenders, we are confident in our ability to navigate this period successfully and emerge as an even stronger and more reliable partner." - Andreas Reif, Chief Restructuring Officer of Mynaric Focus on Delivering on Existing Contracts and Winning Future Opportunities Mynaric is also continuing to pursue opportunities that explore the use of free-space optical communications for additional space programs. "Mynaric remains fully committed to delivering high-quality products to our customers throughout this process. The continued support of our lenders strengthens our financial position, enabling us to meet the needs of our current customers while expanding to support future partners seeking to deploy our industry-leading optical communication terminals." - Tim Deaver, Vice President of Global Sales & Solutions In addition to contributing to the U.S. Space Development Agency's (SDA) Proliferated Warfighter Space Architecture (PWSA) Tranche 1 and Tranche 2 programs, Mynaric has also been recognized as a key development partner in Phase 2 of DARPA's Space-BACN program, and has been selected by both the European Space Agency (ESA) to investigate optical technologies for next generation high-throughput optical inter-satellite links and the German government to contribute to multiple projects to develop quantum communication capabilities. Establishing a Stable Financial and Operational Footing Moving Forward Mynaric's lenders agreed to the restructuring concept on the condition that Mynaric initiates StaRUG proceedings and that the restructuring plan provides for a capital reduction to zero. "The aim of the StaRUG proceedings is to create a fresh start for Mynaric without affecting our operational model or manufacturing processes. By reducing the debt burden and recapitalizing the balance sheet, Mynaric can invest in high-tech advancements, maintain competitive pricing and secure our position as an industry leader." - Andreas Reif, Chief Restructuring Officer of Mynaric To enable Mynaric to cover its expected ongoing operational and working capital until the conclusion of the StaRUG proceedings, Mynaric's lenders committed a fourth bridge loan of USD 28 million in February 2025 as well as an additional USD 25 million restructuring loan, giving Mynaric the necessary resources to support its production plan and ongoing operations. The implementation of the financial restructuring through the StaRUG proceedings would safeguard jobs, protect creditor interests, and significantly reduce Mynaric's cash interest burden. About Mynaric Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. For more information, visit Media Contact:Krista 900-9966 View original content to download multimedia: SOURCE Mynaric USA, Inc. Sign in to access your portfolio

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