Corsair sends Fanatec €4 million to restructure

The ongoing saga of a possible Fanatec takeover continues, only now, Corsair has skin in the game.

It has been over three months since founder and (now) former CEO Thomas Jackermeier was ousted from his role. The board of parent company Endor AG enacted the drastic change reportedly as a condition of lending banks.

Since then, Endor entered an agreement to negotiate with American gaming peripheral and PC part manufacturer Corsair. It follows a tumultuous 2023, with repeated losses, delayed products and customer service complaints.

Somewhat controversially, the company is using the German Act of Stabilisation and Restructuring of Companies (StaRUG) blueprint to avoid insolvency. Therefore, should a sale go through, to Corsair or someone else, existing shareholders could miss a payout.

On 29th June, the Landshut-based outfit issued a statement – as a publicly listed company, it is duty-bound to publish significant financial news – that claims Corsair has provided it €4 million.

The liquidity will be used to “provide financial leeway to effectively implement the ongoing restructuring measures,” said the imperilled sim racing equipment creators.

In turn, banks engaged with Endor have agreed to extend standstill agreements on particular loans. The freeze will stay in place until StaRUG is complete.

As part of the restructuring, former meat processing leader Andres Ruff will extend his stay as both Chief Executive Officer and Chief Restructuring Officer until at least September 2024.

While Endor and its board of directors claim to continue Corsair negotiations, the ousted Jackermeier has formally issued press releases via third parties and allegedly posted (unverified) to German business forums.

He is calling for, among other requests and allegations, the removal of the current CEO and CFO (Matthias Kosch). Jackermeier remains unavailable for comment.