After Failed Sale, voxeljet Turns to Germany’s Rescue Law

voxeljet (OTCMKTS: VJTTY) is heading into a crucial phase. After shareholders rejected a proposed sale of the company to Anzu Partners, a US investment firm specializing in industrial tech, voxeljet said it would now restructure under Germany’s StaRUG law, a legal path that helps companies restructure without filing for bankruptcy.

Now that the deal to sell voxeljet is off the table, the company isn’t collapsing under financial pressure and will receive a lifeline. Its main creditor, Anzu Ventures II LLC—an affiliate of Anzu Partners—is stepping in with a new plan. Instead of taking control through a sale, Anzu Ventures will support voxeljet by restructuring its debt and injecting fresh capital. It’s not the deal Anzu originally wanted, but it gives voxeljet a second chance at survival.

While Anzu Ventures doesn’t have a public website or profile, its role is explained in voxeljet’s official filings. The two companies signed loan agreements in 2023 and 2024, totaling around $17.4 million, making Anzu Ventures voxeljet’s largest lender.

Vote Falls Through

At a general meeting on April 30, shareholders were asked to approve a full sale of voxeljet’s business to entities affiliated with Anzu Partners. The proposal didn’t get the votes it needed to pass. That means the previously announced sale, which was first made public late last year, is officially over. Immediately after the failed vote, voxeljet turned to Germany’s StaRUG, short for Stabilisierungs- und Restrukturierungsgesetz.

With the acquisition blocked, Anzu Ventures stepped in with a new proposal. The plan includes waiving €3.5 million in debt and injecting €2.5 million in new equity to stabilize the business. But since this kind of restructuring would likely face the same shareholder resistance as the failed sale, voxeljet is now pursuing it under StaRUG law. The company has already filed the court application in Munich to begin the process.

The plan includes several steps to reduce financial pressure on voxeljet. The interest rate on the remaining loans will drop to 3% starting in mid-2026, and voxeljet won’t have to make any interest payments between August 2025 and June 2026. The repayment timeline is also being extended, with the loan now due no earlier than 2030.

On the equity side, voxeljet will cancel all of its existing shares. This means current shareholders will lose their ownership in the company and won’t receive any compensation. This kind of move is allowed under Germany’s StaRUG law, which gives companies in financial trouble the power to restructure even if shareholders don’t agree. After canceling the old shares, voxeljet will issue brand-new shares, and only its main creditor can buy them. By putting in €2.5 million of new capital and receiving all of the new shares, Anzu Ventures will become the owner of the company.

Why This Matters

This isn’t just another business change. voxeljet was one of the first industrial 3D printing companies in Europe and became known for its large, high-end printers used in industries like aerospace, energy, and automotive. The company started in 1999 as a spin-off from the Technical University of Munich and made a name for itself printing big sand molds and complex parts.

But like many 3D printing companies, voxeljet has had a tough time turning its technology into steady profits. Even with international growth and a strong customer base, it has been held back by debt and years of operating losses. The failed sale to Anzu could have been the end. Instead, voxeljet chooses a path that keeps the company running, but comes at a high price for shareholders.

It also shows how hard it can be for 3D printing startups that go public to stay successful over time. voxeljet joined the New York Stock Exchange (NYSE) in 2013, but its stock lost much of its value in the following years. Then, in 2024, the company decided to leave the NYSE and stop reporting to US regulators. Its shares now trade over-the-counter, under the ticker VJTTY, but that might change too, depending on how the current restructuring plays out.

The restructuring also means that voxeljet will delay publishing its 2024 annual and consolidated financial statements. According to the company, these will only be finalized after the restructuring plan is “locked in,” so we won’t expect any financial updates until at least August 2025.

The restructuring still needs approval from a German court, but voxeljet plans to move quickly. Given the creditor support and lack of shareholder veto power under StaRUG, the company seems positive about the outcome. While this move is playing out, it’s clear that voxeljet is trying to rebuild the business that helped shape the success in the early days of industrial additive manufacturing.