BERLIN, 3 JULY 2017. Insolvency proceedings against the technology company Panono GmbH were opened on 1 July. The manufacturer of high-resolution 360-degree cameras and associated software as well as a cloud platform based in Berlin had to file for insolvency at the Charlottenburg District Court on 17 May after the failure of subsequent financing rounds. In the preceding months, the company was in financial difficulties because the growth and adjustment demanded by its business model could not be achieved on its own efforts. Panono achieved sales of 2.7 million euros in 2016 with 22 employees.
Founded in 2012, Panono GmbH gained public attention in its early years through its crowdfunding campaigns and the eye-catching spherical design of its cameras. Its core business is the development and sale of high-resolution 360-degree cameras that produce a high-resolution panorama of their surroundings using the company’s own software solutions.
During the preliminary insolvency proceedings, which lasted only six weeks, the preliminary insolvency administrator Prof. Dr. Torsten Martini and his team successfully stabilised business operations. Without interrupting service or deliveries, Prof. Dr. Torsten Martini was able to ensure that the otherwise heavily loss-making business operations broke even. The special focus was on a fast investor process, which Martini was able to successfully conclude by way of an asset deal before the proceedings were opened. The provisional creditors’ committee has already approved the transaction. “The new investor under a new company name is expected to ensure the new start of business operations and the takeover of all employees as well as the online platform,” said insolvency administrator Prof. Dr. Torsten Martini of LEONHARDT RATTUNDE. The investor intends to announce himself his further plans in around two weeks.
Prof. Dr. Torsten Martini, Insolvency
Administrator and Lawyer, and Christoph Heusler, Restructuring Manager,
LEONHARDT RATTUNDE, Kurfürstendamm 26 A,
10719 Berlin, Tel. 030-8859030, Fax: 030-885903100,
Dr. Jochen Mignat, Dr. Mignat PR, Am Hexenpfad 11, 63450 Hanau, Tel. 06181-50791-22,j.mignat_at_mignat.de