Vector restarting operations under new ownership

Read more on this subject: Space Travel and Exploration
News Story Source: Space News
WASHINGTON — Vector, a small launch vehicle developer that went bankrupt in 2019, is getting a second chance under new ownership, with changes to both its technology and initial markets.

Vector has raised more than $100 million to develop a family of small launch vehicles, but suspended operations in August 2019 and laid off most of its employees after one of its key investors pulled out. The company filed for Chapter 11 bankruptcy in December and later decided to sell its assets.

Vector's satellite assets, called GalacticSky, were acquired by Lockheed Martin in February for $4.25 million. Vector's launch assets were sold in May to an entity known as TLS Bidco LLC for $1.175 million, according to bankruptcy court filings.

The new owner of Vector's launch assets is a consortium led by John Moran, president and chief executive of Moran Logistics, a shipping company based in Pennsylvania. They are restarting Vector with Robert Spalding, a retired Air Force briga
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