The Polish 3D printer manufacturer Zortrax filed an application for approval of a restructuring plan with the District Court in Olsztyn on 8 August 2024. The company is seeking to comprehensively reorganise its finances in order to position itself for future growth.
The plan envisages converting liabilities to the largest creditors into company shares. Debts of less than PLN 130,000 (approx. EUR 29,000) are to be repaid in full. The creditors have been categorised into three groups: Public law creditors, creditors with claims below PLN 130,000 and creditors with higher claims.
Paweł Głodek, restructuring consultant at the law firm Resist, explains: “The proposals are based on a thorough analysis of Zortrax’s options and take into account the interests of the contracting parties.” The approval of the creditors, who represent the majority of the liabilities, indicates a viable compromise.
Zortrax CEO Mariusz Babula emphasises the necessity of these measures: “We have taken painful but necessary steps. The restructuring plan enables Zortrax to emerge from a difficult situation.”
The company is planning far-reaching cost reductions. Rental costs for real estate are to be reduced by 80 per cent, wage and social security costs by 70 per cent and costs for external services by 50 per cent. Despite these cuts, Zortrax intends to retain its core competences in software development, hardware development and technical support.
According to the CONTEXT report, the global 3D printing market experienced difficulties in 2023, particularly in the area of expensive industrial printers. Desktop 3D printers, Zortrax’s main business segment, on the other hand, recorded rising demand. CONTEXT forecasts an acceleration in market growth for the coming years.
Natalia Jusiak, Sales and Marketing Director at Zortrax, sees potential: “Our sales network comprises over 190 partners in almost 60 countries. Despite the recent turbulence, we are seeing continued demand for 3D printers and consumables.”
The restructuring is intended to stabilise Zortrax and position it for the expected growth in the 3D printing sector. The success of the plan will largely depend on the implementation of the cost-cutting measures and market developments.
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