goetzpartners Corporate Finance launches sales process for Endor AG

EQS-News: Endor AG / Key word(s): Insolvency/Takeover goetzpartners Corporate Finance launches sales process for Endor AG 16.08.2024 / 14:00 CET/CEST The issuer is solely responsible for the content of this announcement. goetzpartners Corporate Finance launches sales process for Endor AG

Landshut-based SimRacing specialist Endor is looking for a buyer with Munich-based consulting firm goetzpartners Corporate Finance
 

Landshut, 16 August 2024 – Endor AG is one of the world's leading providers of equipment for racing simulations on games consoles and PCs. The products, such as high-end steering wheels or pedals, are sold to end customers worldwide under the FANATEC brand via the company's own online store.

Substantial financial burdens on Endor AG were initially to be resolved through proceedings under the German Corporate Stabilization and Restructuring Act (StaRUG). The instruments introduced with the StaRUG 2021 enable companies to be restructured outside of insolvency. Endor had planned to bring in an investor to repay bank liabilities and provide the company with substantial financial resources to finance its ongoing business.

After the StaRUG plan could not be implemented as planned, the company had to file for insolvency. On July 31, 2024, Landshut Local Court ordered provisional insolvency administration. Lawyer Dr. Hubert Ampferl from the law firm Dr. Beck & Partner was appointed as the provisional insolvency administrator.

The aim of the insolvency proceedings is to sell the company out of insolvency to an investor. In addition to the purchase price, a buyer must in particular have the necessary financial means to pay license fees and pre-finance the upcoming Christmas business. The business, sales, deliveries, repairs and warranties are currently continuing unchanged. However, the highest revenues are not expected until November and December.

An international investor process was initiated immediately after the provisional insolvency administration was ordered. The operational business in Landshut as well as the shares in the foreign sales companies and the new administration building currently under construction are up for sale.