Endor AG files for insolvency - Seite 2

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.

Andres Ruff, CEO of Endor, said: ‘We would like to thank our customers, employees and business partners for their trust and support over the past months. As part of the insolvency proceedings, we will continue the restructuring and work at full speed to reorganise the company. We are confident that we will emerge stronger from this situation and return to a sustainable, profitable growth path."

The Management Board sees the reasons for the massive corporate crisis in numerous wrong management decisions in recent years. Examples include the oversized construction of the new company headquarters, miscalculated chip and merchandise orders that led to high write-downs and failures to introduce processes and systems worth millions.

Endor AG's bank debt rose to EUR 70 million, particularly in the growth phase after 2020. In addition, there are high accumulated debts to suppliers and other business partners as well as the necessary bridging loan from CORSAIR. As a result, the Group's liabilities have now grown to more than 95 million euros. In view of annual sales of around 100 million euros, this led to over-indebtedness and insolvency.

 

 

Contact:

Endor AG, Investor Relations

E-mail: [e-mail]

 

Press and investor enquiries:

Jasmin Dentz, GFD Finanzkommunikation

E-mail: [e-mail]

 

Peter Herkenhoff, GFD Finanzkommunikation

E-mail: [e-mail]

 

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