Rather suddenly, Endor AG, the parent company of Fanateca leading manufacturer of peripherals for driving simulations, has presented petition for insolvency due to excessive amount of debtwhich in fact sank the company’s finances, leading it to the bankruptcy.
Endor AG is said to have filed for insolvency proceedings at the Landshut District Court in recent days, following the bankruptcy of restructuring procedure which had been launched in recent months and which also involved a possible acquisition by Corsair, or in any case a reduction in debt through a strategic partnership.
Apparently, the group’s finances are too deteriorated to be able to continue with this initiative, or at least Corsair did not consider the procedure feasible, therefore the only solution left to Endor and Fanatec is to request insolvency.
Restructuring will still be attempted
Endor AG reportedly has accumulated around 95 million euros in total liabilities, including 70 million euros in bank debt, making it difficult to maintain operations.
Andres Ruff, CEO of Endor, wanted to thank users and partners for the support shown so far.
He also said he wanted to continue with the restructuring procedures, with the intention of reorganizing the company and, possibly, getting it back on its feet after this rather difficult time, but the procedure will not be at all simple.
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