Technology | American small carrier startup “Vector Company” applies for bankruptcy protection, satellite assets may be sold to Loma


Editor’s note: This article is from the WeChat public account “hangxiaoyucas” (ID: hangxiaoyucasc), author @ 航 小宇, the original title “Vector Company Applying for Bankruptcy Protection, Satellite Assets or Selling to Loma”, 36 氪 Authorized release, slightly omittedThere are cuts.Vector Company ’s rocket equipment “Aerospace News” was informed on December 13 that, according to an agreement with Lockheed Martin, a small carrier startup vector company filed a US bankruptcy law under Chapter 11 with the US Bankruptcy Court in Delaware on December 13.Voluntary bankruptcy application.At the same time, its wholly-owned subsidiary, Garvey Spacecraft, filed for bankruptcy protection.Under the agreement, some of the company ’s satellite-related assets will be sold to Lockheed Martin.Vector has previously been one of the leading companies in the small carrier market, but said in August that “major changes in funding conditions” had caused the company to suspend operations and laid off almost all 150 employees.CEO Cantrell also left the company at that time.That news came just two days after the company received a launch contract from the Air Force.According to people familiar with the industry, the layoffs in August were triggered by major investor Sequoia Capital Corp.’s withdrawal of financial support due to concerns about the company’s management.At that time, the vector company was conducting a new round of financing, and Sequoia’s decision caused a domino effect, causing other investors to exit.Sequoia Capital did not respond to a request for comment in August.According to a resolution of the company’s board of directors attached to the bankruptcy protection application, Vector Company now provides funding through Lockheed Martin’s “Debt Holder Assets” (DIP) financing.In accordance with an agreement reached on November 20, Lockheed Martin provided a $ 500,000 mortgage to the vector company and offered to buy the vector company and the “GalacticSky” satellite project for no more than $ 2.5 millionRelated assets.The vector company is best known for its small carrier research and development project, but it also has a “Galactic Sky” project to build software-defined satellites.That project resulted in many patents through technology and prototype satellite development.The company had planned to launch a prototype test satellite this year.However, the project also led to a lawsuit between Vector and Loma.Lockheed Martin announced its own software-defined satellite technology project in March, called SmartSat.Vector indicted Loma in a California court in April, accusing it of patent infringement, but withdrew in July on the grounds that both parties were negotiating.An April Fools’ Day prank in Loma worsened the tension between the two sides.Loma claims that he has developed a perfume called “Vector” that “can collect the fragrance of space”.Vector was unhappy about this, noting that Lockheed Martin used a logo similar to the vector company.A company official said the joke was intended to detract from the vector company’s brand and its position in the small carrier and new aerospace markets.If the agreement is approved by the bankruptcy court, other bidders can also buy the Galaxy Sky project assets at a higher and better price.The agreement states that other assets of the vector company will be sold through auctions “or other means designed to maximize value.”