WASHINGTON — Lockheed Martin will acquire the satellite technology assets of Vector by default after a bankruptcy court received no qualified bids by a deadline last week.
In a Feb. 24 filing in the United States Bankruptcy Court for the District of Delaware, lawyers overseeing the bankruptcy proceedings for Vector said that they received no qualifying bids for the company’s GalacticSky software-defined spacecraft technology by a Feb. 21 deadline.
As a result, Lockheed Martin, which provided debtor-in-possession financing when Vector filed for Chapter 11 bankruptcy in December, will obtain the assets with a “stalking horse” bid of $4.25 million, according to the terms of a Jan. 24 filing. That deal will be finalized at a Feb. 28 court hearing.
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