Jünger Audio plans to reorganise the company as part of its insolvency proceedings.
The company submitted a corresponding application with the Charlottenburg District Court, and the court appointed Attorney Stefan Ludwig from Schultze & Braun as the provisional insolvency administrator.
The goal of this process is to accelerate the company restructuring that began last year and to complete it successfully.
“We are working to make the business model of Jünger Audio more future-oriented,” explained managing director Martin Schlockwerder. “In the future, along with our hardware, we also want to focus more on software-based solutions for audio technology in order to account for the major changes in the market.”
The necessary internal reorganisation efforts are already in full swing, but for financial reasons they could not be completed without declaring insolvency. “Ultimately, we were lacking the liquidity to bring the new concept to fruition,” reported Schlockwerder.
Jünger Audio wants to attract an investor that can equip the company with the financial resources needed to support its reorientation. Schlockwerder added: “With fresh funds, we can present our world-renowned development work in the form of innovative products, offering them as platform-independent software in the relevant future markets.”
Jünger Audio launched an Mergers and Aquisitions process even before the start of the provisional insolvency proceedings in order to target specific investors.
“We are able to build on the extensive preliminary work that has already been done,” reports provisional insolvency administrator Stefan Ludwig. “That’s very good, because we can continue the discussions with potential investors without losing too much time. Our goal is to successfully complete the search in a timely manner.”
Schultze & Braun Reorientation or no, business operations are continuing at Jünger Audio without any restrictions.
“All of the current orders will be fulfilled as promised,” says Ludwig. The employees’ jobs are safe through to the end of August thanks to the insolvency payment.
Established in Berlin in 1990, Jünger Audio specialises in the development, manufacture and distribution of high-quality digital audio algorithms and audio processors. Its customers include the world’s largest broadcasters, streaming service providers and recording studios. In addition to its own product portfolio, Jünger Audio also works with licensees and OEM partners in the areas of pro audio, automotive and consumer electronics.
With approximately 30 employees, the company generates around $3.5m of sales a year.