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Desktop Metal has Filed for Bankruptcy Protection under Chapter 11
Nano Dimension Ltd., a leader in digital manufacturing solutions, has announced that its subsidiary, Desktop Metal, Inc., has filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code.
Desktop Metal’s independent board of directors made this decision after conducting a process to explore available strategic alternatives and address the company’s significant liabilities and liquidity needs, stemming from decisions made by previous management.
Ofir Baharav, Nano Dimension’s CEO, said, “We are safeguarding our financial strength and preserving our position as the best-capitalised company in our ecosystem. This enables the company to pursue strategic opportunities from a position of maximum strength, which is exactly what our shareholders should expect from us.” The company is in discussions with an affiliate of Anzu Partners regarding the sale of some of its foreign subsidiaries, including ExOne GmbH, EnvisionTEC GmbH, ExOne KK and AIDRO Srl. The proposed sale of ExOne GmbH and ExOne KK has recently been approved by a US court.
www.desktopmetal.com
www.nano-di.com
