Following news of bankruptcy involving Recaro Automotive GmbH and BBS Automotive GmbH, another company is now facing an uncertain future. That company is sim racing hardware maker Fanatec, which is owned by Endor AG that recently filed for insolvency with the Landshut Local Court due to over-indebtedness.
“The attempt to restructure Endor AG in accordance with the German Company Stabilisation and Restructuring Act (StaRUG) has failed. The reason for this was the request by the former CEO and majority shareholder to convene an extraordinary general meeting in order to prevent a reorganisation under the StaRUG without presenting a viable alternative scenario,” Endor AG revealed in an official statement.
“At the same time, negotiations with the majority shareholder on a financial reorganisation involving all shareholders have been taking place in recent weeks. However, these negotiations had to be broken off without result due to unrealistic demands,” it continued.
This news comes almost three months after PC accessory giant Corsair announced it was in negotiations to acquire Endor and restructure the company’s approximately 70 million euros (about RM344 million) of debt. It appears the Corsair takeover has hit a speed bump, as Endor AG stated Corsair decided not to make any further payments from the bridge financing because the ongoing disruptions made a reorganisation under the StaRUG impossible.
“The management board regrets that the negotiations with the strategic investor Corsair, which were already at an advanced stage, could not be finalised,” the company said in its release, suggesting that the takeover will not be seen through.
“Endor AG will continue its business operations during the insolvency proceedings: sales and warranty and repair services will continue without restriction, and customers will continue to receive driver and software updates,” the company added.
Fanatec has been active in sim racing since 1997 and competes against companies like Logitech and Thrustmaster in the space. The company is partnered with several motorsports series, more recently with Formula 1 in April this year, while also developing co-branded products with automotive companies like Sparco.
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