Desktop Metal has filed for Chapter 11 bankruptcy and is working to sell a number of foreign subsidiaries, including ExOne GmbH, to an affiliate of Anzu Partners.
Anzu Partners has been in the process of acquiring Voxeljet since last year, with an initial deal being rejected by Voxeljet shareholders earlier this month, and a financial restructuring through the German Company Stabilization and Restructuring Act (StaRUG) subsequently confirmed by a court in Munich. Now, affiliates of the investment firm have also positioned themselves to acquire ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO s.r.l. through a court-supervised process.
To 'protect the business while it markets its remaining assets', Desktop Metal has filed for Chapter 11 bankruptcy in the Southern District of Texas. Chapter 11 bankruptcy allows a company time to restructure debts while it continues to operate. Fast Radius is one such additive manufacturing company to file for Chapter 11 bankruptcy, with the company eventually being sold for $15.9m just a year after listing publicly.
Desktop Metal has pursued a Chapter 11 bankruptcy just weeks after Nano Dimension completed the acquisition of the company. Though agreed last year, the deal was put into doubt when Nano experienced a raft of changes at C-suite and board level in late 2024 and early 2025. Desktop Metal filed a lawsuit against Nano Dimension in January, with the court ordering the buying company to complete the deal in March. Nano did, but immediately announced it would be exploring 'all strategic alternatives' to address Desktop Metal's liabilities and liquidity needs that stemmed from 'decisions made by its prior management.'
Off the back of this court battle, Quinn Emanuel Urquhart & Sullivan LLP, who represented Desktop Metal, has claimed 'Desktop Metal and its successor' have failed to pay around $30 million in legal fees. The legal firm is now taking legal action of its own and is demanding damages of up to $90 million.
After news broke of Desktop Metal's Chapter 11 bankruptcy, Nano Dimension announced that the decision was made by Desktop Metal’s independent Board of Directors.
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 is what enables the company to pursue strategic opportunities from a position of maximum strength—and that is exactly what the company’s shareholders should expect from us.”
Read more: Anzu Partners affiliate receives court approval to acquire ExOne GmbH and ExOne KK
Correction notice | This article initially indicated that Anzu Partners had failed in its attempt to acquire Voxeljet after shareholders rejected a deal in July, however the article has now been updated to state that Anzu Partners's acquisition of Voxeljet is successfully in place after a court approved a financial restructuring through the German Company Stabilization and Restructuring Act.
