Masten Space Systems Inc.
, a Mojave, Calif.-based space infrastructure company, filed for chapter 11 protection on Thursday, July 28 in the Bankruptcy Court for the District of Delaware. The company reports $10 million to $50 million in both assets and liabilities. The debtor is represented by Morris James in Wilmington, Del., as counsel and Gavin/Solomonese as financial advisor. The case number is 22-10657. Continue reading for more chapter 11 and bankruptcy analysis from Reorg's First Day team, or request a trial to access all of Reorg's content.
Board resolutions attached to the petition authorize the filing of a motion to approve a sale of the “Company’s SpaceX launch credit” pursuant to a stalking horse asset purchase agreement with Intuitive Machines LLC, as well as a sale of the company’s remaining assets. The resolutions also authorize entry into DIP financing, without further details.
The company’s largest unsecured creditors are as follows:
The debtor’s equityholders, consisting of various individuals, are listed HERE
Masten announced in an August 2020 press release
that it selected SpaceX to launch a mission to deliver ”nine NASA-sponsored science and technology demonstration experiments and several commercial payloads to the lunar south pole.” According to a July 22 article in Parabolic Arc
, Masten has furloughed its staff, “putting at risk both the company and a $75.9 million NASA-funded mission to deliver the MoonRanger rover and eight scientific payloads to the lunar surface aboard Masten’s XL-1 lander late next year.”
Reorg First Day will provide a full summary once the first day briefing is complete.