Endor AG, the parent company of the well-known sim racing brand Fanatec, has filed for insolvency. The company’s financial troubles have left it with liabilities exceeding €95 million, including €70 million in bank debt.
The crisis has been attributed to a series of recent actions by the company’s founder and former CEO, Thomas Jackermeier. According to Endor AG, Jackermeier’s decision to call a general meeting halted the implementation of the German Act of Stabilisation and Restructuring of Companies (StaRUG), a move that was seen as critical for avoiding insolvency and facilitating a sale to American tech company Corsair.
In recent weeks, there were negotiations between Endor AG and Jackermeier, the majority shareholder, aimed at achieving a financial reorganisation that would involve all stakeholders. However, these discussions were unsuccessful due to what the company described as “unrealistic demands” from Jackermeier.
Earlier this month, Corsair had contributed €4 million to support the restructuring process. However, with the breakdown of the StaRUG procedure and the ensuing inability to reach an agreement, Corsair has opted not to provide further financial assistance. Compounding the issue, Endor AG’s banks also declined to offer additional financing.
With the company’s assets unable to cover its outstanding debts, Endor AG has no choice but to proceed with insolvency. The future of Fanatec now hangs in the balance as the company seeks a buyer to potentially salvage its operations.
