Chapter 11 for Vector Launch

Nov 30, 2019
Visit site
Times are not so good for Vector Launch: Vector files for Chapter 11 bankruptcy


This is the part that gets me:

The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.

All of this has occurred after LM and Vector got into a big legal spat over some patents earlier this year and their primary financier, Sequoia Capital, pulling all funding from the company in August. All in all this has turned out very well for Lockheed Martin.