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Endor AG, the parent company of sim racing manufacturer Fanatec, has recently requested a deferment of payment due to its overwhelming debt. Despite this financial setback, Fanatec reassures its customers that operations will continue as usual, and customer service will remain available. The company is actively seeking a new buyer in hopes of resolving its financial issues.
Endor AG confirmed in a press release that the deferment of payment was necessary after negotiations for a possible reorganization fell through following the collapse of Thomas Jackermeier, the former CEO and major shareholder. The company attempted to reorganize under German law called StaRUG, but existing shareholders were informed that they would not receive any payment in the event of a sale.
Due to its inability to pay its debts, the German parent company has decided to file for insolvency, with debts exceeding 95 million euros and an annual turnover of approximately 100 million euros. Despite these challenges, strategic investor and potential buyer Corsair had initially financed Endor's reorganization but withdrew support after negotiations stalled.
Fanatec remains hopeful about finding a new investor during the insolvency process, stating that Corsair is still interested in a possible takeover. The company continues to operate and offer its products and services to customers without interruption.
Endor AG faced financial difficulties leading up to the recent events, resulting in the termination of former CEO Thomas Jackermeier in March. A new CEO/chief restructuring officer was appointed to oversee the company's reorganization efforts. In May, Corsair expressed interest in acquiring Endor AG, a move in line with its history of acquiring gaming equipment companies such as Elgato and Drop.
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