Jünger Audio has announced it is reorganising the company as part of its insolvency proceedings.
The company submitted a corresponding application with the Charlottenburg District Court in Germany, and the court has appointed Attorney Stefan Ludwig from Schultze & Braun as the provisional insolvency administrator.
Jünger says it intends to continue its search for new investors and that business activities will continue without restrictions. The company also announced 30 employees will remain with the company until the end of August.
Jünger said its aim to to accelerate the company restructuring that began last year.
“We are working to make the business model of Jünger Audio more future-oriented,” said 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 internal reorganisation has been in place for a while, but for financial reasons it could not be completed without declaring insolvency. “Ultimately, we were lacking the liquidity to bring the new concept to fruition,” said Schlockwerder.
In terms of new investment, Schlockwerder said, “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.”