Earth Imagery Firm RapidEye Seeking Bankruptcy ProtectionSourceJune 30, 2011 at 11:14 am | Posted in Remote Sensing Law, Remote Sensing Law Current Events | Leave a comment
by Joanne Irene Gabrynowicz with the blog faculty
Source: Space News
by Peter de Selding
PARIS — Germany’s pioneering RapidEye Earth imagery provider, which has taken the privatization of satellite Earth imagery perhaps further than any other company, has filed for Germany’s equivalent of Chapter 11 bankruptcy protection after breaching several of its loan covenants, RapidEye Chief Executive Wolfgang Biedermann said June 2.
Brandenberg-based RapidEye, whose constellation of five 150-kilogram optical Earth observation satellites was launched in August 2008, will continue operations and expects to emerge from a court-supervised restructuring with a more manageable debt, Biedermann said.
In an interview, Biedermann said RapidEye, which has never sought to hide the difficulties of a business model without a major long-term government customer guarantee, is confident that its principal financial sponsors are willing to reorganize the company’s debt profile to allow the business to proceed. Whether that will include new ownership as part of the insolvency proceedings, he said, is unknown. More…