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Lockheed Martin Buys Assets from Bankrupt Startup Vector Launch

Feb. 28, 2020, 3:33 PM

U.S. Bankruptcy Judge John T. Dorsey approved Lockheed Martin Corp.’s purchase of bankrupt Vector Launch Inc.’s assets during a sale hearing in Delaware Friday.

  • Lockheed, the defense contractor that makes missiles and rockets for the U.S. military, provided a $2.5 million debtor-in-possession loan to Vector and will pay $4.25 million for Vector’s space-grade cloud computing platform called Galactic Sky
  • Vector is still looking to finalize a buyer for its rockets and test facilities
    • “Just because there’s a lot of interest and bids doesn’t mean there’s a guaranteed fantastic result,” a Vector Launch lawyer said in court
  • The case ...