Fanatec acquired by Corsair

[Veinz]

When did they move to Texas?

Back in February.

 

[Morilec]

Fanatec has filed for bankruptcy

Endor AG stellt Insolvenzantrag | Corporate - EQS News

www.eqs-news.com

Thanks TJ for making a mess

 

[i386]

Thanks TJ for making a mess

What? That dude did a lot of stuff wrong (in my opinion) but he tried to save the company.
Jackermeier and his friends/connections offered 50+ Mio € to endor a few months ago which at the time was more than enough to cover all debts. Endor declined that offer, probably because they hoped to get more out of corsair...

 

[MarkusJ]

• Endor AG filed for insolvency due to over-indebtedness and insolvency.

• The reorganisation attempt under the German Company Stabilisation and Restructuring Act (StaRUG) failed.

• Business operations will continue without restrictions during the insolvency proceedings.

• Foreign subsidiaries of Endor AG are not affected by the insolvency.

• The strategic investor CORSAIR decided to halt further payments, and lending banks rejected additional financing.

• Endor AG's liabilities have grown to over 95 million euros, leading to insolvency.

 

[i386]

Fanatec has filed for bankruptcy

Endor AG stellt Insolvenzantrag | Corporate - EQS News

www.eqs-news.com

Thanks TJ for making a mess

• Endor AG filed for insolvency due to over-indebtedness and insolvency.

• The reorganisation attempt under the German Company Stabilisation and Restructuring Act (StaRUG) failed.

• Business operations will continue without restrictions during the insolvency proceedings.

• Foreign subsidiaries of Endor AG are not affected by the insolvency.

• The strategic investor CORSAIR decided to halt further payments, and lending banks rejected additional financing.

• Endor AG's liabilities have grown to over 95 million euros, leading to insolvency.

Notification in english: https://endor.ag/2024/07/30/endor-ag-files-for-insolvency-2/?lang=en

 

[Morilec]

What? That dude did a lot of stuff wrong (in my opinion) but he tried to save the company.
Jackermeier and his friends/connections offered 50+ Mio € to endor a few months ago which at the time was more than enough to cover all debts. Endor declined that offer, probably because they hoped to get more out of corsair...

The company filed for bankruptcy due to the shareholders meeting he called a few weeks ago, and now Corsair seems to be no longer interested. What did TJ gain? The shareholders will lose money anyway and now there is the risk that no one will be interested in taking over the company, or at least extending the time even further.

 

[timekiller001]

The company filed for bankruptcy due to the shareholders meeting he called a few weeks ago, and now Corsair seems to be no longer interested. What did TJ gain? The shareholders will lose money anyway and now there is the risk that no one will be interested in taking over the company, or at least extending the time even further.

The people who took over/forced TJ out have some very shady backgrounds to begin with and willfully steered Fanatec towards this bankruptcy, so that Corsair can take it up for as little as possible.

 

[MarkusJ]

https://www.overtake.gg/news/fanatec-parent-company-endor-files-for-insolvency.2299/

 

[Morilec]

The people who took over/forced TJ out have some very shady backgrounds to begin with and willfully steered Fanatec towards this bankruptcy, so that Corsair can take it up for as little as possible.

I know, but it's done, what does he gain now by completely bankrupting the company? Personal satisfaction and leaving thousands of people with expensive useless electric motors?

 

[Famine]

This is the discussion thread for an article on GTPlanet:

Fanatec’s Parent Company Endor Files for Insolvency​

The Fanatec saga of 2024 has taken yet another twist, and a turn for the worse, as the brand’s parent company has filed an application to begin insolvency proceedings...

 

[VR-SORN]

The shares are Direct Dive.

 

[Auditore]

So does GT go back to Thrustmaster?

 

[timekiller001]

So does GT go back to Thrustmaster?

Insolvency does not mean the company is dead. It'll take some time until its fate is decided.

Thrustmaster does not have any up-to-date PS compatible wheels so highly doubtful.

 

[TexHill]

To me, it looks like T.J. would rather burn the place down than have someone else run it, no matter how that would affect the employees or customers.

 

[MroczMR]

Thrustmaster does not have any up-to-date PS compatible wheels so highly doubtful.

A little offtop. I wonder what is going on with Thrustmasters Console Direct Drive wheel which was supposed to be released.

 

[Auditore]

Insolvency does not mean the company is dead. It'll take some time until its fate is decided.

Thrustmaster does not have any up-to-date PS compatible wheels so highly doubtful.

I don't know much about wheels but i.guess Thrustmaster and Fanatec were the most consumer friendly.Any other ones that could theoretically take their place with GT?

 

[Famine]

To me, it looks like T.J. would rather burn the place down than have someone else run it, no matter how that would affect the employees or customers.

Given that he says he went to China and secured funding from Xiaomi (among others), as part of a consortium planning a takeover, it seems unlikely that this is the case.

We have only really heard the Endor/Corsair side of this whole thing officially. As they've pushed him under der bus for pretty much everything I imagine his response will be similarly uncompromising and robust.

The core of his argument thus far appears - with the various asides cut away - that his offer is being refused due to some determination on behalf of the management to sell the company to someone else. There's a number of additional allegations in there, but that seems to be the thrust of it.

 

[TexHill]

Given that he says he went to China and secured funding from Xiaomi (among others), as part of a consortium planning a takeover, it seems unlikely that this is the case.

We have only really heard the Endor/Corsair side of this whole thing officially. As they've pushed him under der bus for pretty much everything I imagine his response will be similarly uncompromising and robust.

The core of his argument thus far appears - with the various asides cut away - that his offer is being refused due to some determination on behalf of the management to sell the company to someone else. There's a number of additional allegations in there, but that seems to be the thrust of it.

Point made, but if you were an investor or creditor, would you want the person ultimately responsible for getting you into this predicament in the first place back in control?

 

[Famine]

Point made, but if you were an investor or creditor, would you want the person ultimately responsible for getting you into this predicament in the first place back in control?

Some of his allegations centre on people who remain at the company at present making decisions over the last couple of years that were not in the best interest of the company at the time while appearing to be so, for the purposes of the current situation.

It appears that he is able to command significant investor commitment though, having gathered $50m of funding.

 

[mellofello9]

Point made, but if you were an investor or creditor, would you want the person ultimately responsible for getting you into this predicament in the first place back in control?

I'm not sure we've enough information to determine who it is that actually got them there in the first place, though. Weird comment in there about not bringing things to market "worth millions" only muddies the water more.

This feels like a masterclass in blameshifting/blamestorming...gonna take a bit to figure out who the true villain is, if we ever do.

 

[timekiller001]

I don't know much about wheels but i.guess Thrustmaster and Fanatec were the most consumer friendly.Any other ones that could theoretically take their place with GT?

For PS wheels there are really only three options. Fanatec, Thrustmaster and Logitech.

 

[funatec]

They should of got there finger out there a$$ and delivered goods on time instead of it taking a month or more for delivery.. Some people waited months and months, i think i was lucky it being only a month.
so any breakage now means we are left in the lurch, Nice..

 

[Famine]

so any breakage now means we are left in the lurch, Nice..

Day-to-day customer-facing processes — sales, warranty/repair services, and driver/software updates — will continue for the time being

 

[anthonyfa18]

Insolvency does not mean the company is dead. It'll take some time until its fate is decided.

Thrustmaster does not have any up-to-date PS compatible wheels so highly doubtful.

Maybe that’s why Thrustmaster is holding off there direct drive for console, it could be they have taken a transducer from the TGT and added it to the t818 proposed it to Gran Turismo.

 

[Auditore]

For PS wheels there are really only three options. Fanatec, Thrustmaster and Logitech.

So either PD goes back to Thrustmaster or they try with logitech

 

[i386]

So either PD goes back to Thrustmaster or they try with logitech

Or simucube on pc 🙃

 

[MroczMR]

So either PD goes back to Thrustmaster or they try with logitech

Or maybe MOZA will came out with new wheel designed for PS5 and Gran Turismo?

 

[Jump_Ace]

Adios Fanatec, hello Simagic!



Jerome

 

[RX-7_FD3S]

Adios Fanatec, hello Simagic!



Jerome

No offense but that's like saying good-bye VW, hello Porsche, we arent talking the same budget here for a full setup. Yes Moza is similar but I really want to avoid something that is sold and made in China.

Hopefully my GT DD+ will last without problems.

 

[cjsrt4]

I just need them to stall this long enough to get a day 1 driver for AC-Evo. Then they can do whatever they want with the company.