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By TechThop Team
Posted on: 30 Jul, 2022
Washington — The company, Masten Space Systems, is developing a lunar lander for NASA and plans to sell one major asset to another company.
Earlier this week, Masten filed for Chapter 11 bankruptcy in the U.S. District Court for the District of Delaware. Based in Mojave, California, the company reported assets between $10 million and $50 million and liabilities in the same range.
It is one of five companies awarded Commercial Lunar Payload Services (CLPS) awards by NASA to deliver payloads to the lunar surface. In April 2020, NASA awarded Masten a $75.9 million award to deliver a suite of experiments to the lunar surface using its XL-1 lander.
Originally scheduled for 2022, the mission was moved to November 2023 due to supply chain issues caused by the pandemic in June 2021.
In a July 29 statement, NASA said it was working closely with the company to ensure that any changes comply with the Federal Acquisition Regulations. Regardless of Masten Space Systems' ability to fulfill its task order, NASA will manifest its payloads on other CLPS flights.'
To date, NASA has paid Masten $66.1 million of the revised award value of $81.3 million. According to industry sources, Masten Space Systems encountered financial difficulties recently, which forced it to furlough its staff in July and lay off many of its XL-1 employees.
According to Sean Bedford, general counsel of Masten Space Systems, the Chapter 11 process will streamline Masten's expenses, optimize its operations, and maximize value for unsecured creditors.
It lists SpaceX as its largest creditor, which is responsible for launching the XL-1 lander. SpaceX owes Masten $4.6 million, according to the filing.
According to the filing, Masten has a 'stalking horse asset purchase agreement' with Intuitive Machines, another lunar lander company.
Masten says it will continue operations, but one outside expert disagrees. According to Adam Stein-Sapir, a bankruptcy expert with Pioneer Funding Group, which is not involved in the case, it will not be a reorganization.
His observation of the stalking horse agreement suggests that Intuitive Machines has been preparing for a Chapter 11 bankruptcy for some time.
Source: spacenews
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