Lockheed Martin to acquire Vector satellite assets
Posted: Sat, Feb 29, 2020, 7:43 AM ET (1243 GMT)
Lockheed Martin will acquire the satellite technology assets of Vector after no competing bids were submitted. Lawyers handling the Chapter 11 bankruptcy of Vector said Monday they received no qualifying bids for the GalacticSky technology by a Feb. 21 deadline, and thus Lockheed would acquire them with its "stalking horse" bid of $4.25 million. One startup, NewSpace Networks, had proposed bidding on the assets, but a court turned down a request to extend the bidding deadline so it could so more due diligence. Vector filed for Chapter 11 bankruptcy in December.
Lockheed Martin will acquire the satellite technology assets of Vector after no competing bids were submitted. Lawyers handling the Chapter 11 bankruptcy of Vector said Monday they received no qualifying bids for the GalacticSky technology by a Feb. 21 deadline, and thus Lockheed would acquire them with its "stalking horse" bid of $4.25 million. One startup, NewSpace Networks, had proposed bidding on the assets, but a court turned down a request to extend the bidding deadline so it could so more due diligence. Vector filed for Chapter 11 bankruptcy in December.
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