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By TechThop Team
Posted on: 30 Jul, 2022
A Delaware court on Thursday heard that Masten Space Systems owed millions of dollars to SpaceX, Astrobotic, NuSpace, and others. An explorer from Masten Space, a company founded in 2004, may be sent to the moon by next year.
Several payloads will be delivered to the lunar surface by the company under NASA's Commercial Lunar Payload Services program. There was a $75.9 million contract involved in that project. Masten was also tapped for a separate lunar mission to gather resources on the moon that could be returned to Earth.
Earlier this year, the company announced that it was developing a GPS-like navigation system for the moon through the Air Force Research Laboratory's AFWERX program.
It was estimated that Masten had 50-99 creditors, assets between $10 million and $50 million, and liabilities between $10 million and $50 million in its Chapter 11 bankruptcy filing. In signing the petition, David Masten, the company's president, and CTO signed on behalf of the company.
There are four different creditors Masten owes money to SpaceX, Psionic, Astrobotic, and NuSpace. The largest amount goes to SpaceX for $4.6 million; Psionic, $2.7 million; Astrobotic, $2.7 million; and NuSpace, $1.6 million. A total of 16 creditors are listed on the application.
As part of the deal, Intuitive Machines will receive launch credit with SpaceX. A bankruptcy petition was filed in Delaware Bankruptcy Court 22-10657.
In a statement to TechCrunch, Masten said that it will use the chapter 11 process to streamline its expenses, optimize operations, and conduct sale processes that maximize value for its unsecured creditors. We anticipate a quick resolution of the case to minimize expenses.
Hopefully, this process will allow Masten to continue to operate and deliver value for its customers and the space industry.'A NASA spokesperson also responded to TechCrunch's inquiry.
NASA has received notification that its payloads scheduled for delivery aboard Masten Mission One may be affected by Masten business operations. To ensure that any potential changes comply with Federal Acquisition Regulations, the agency works closely with the company.
As a result, NASA will manifest its payloads on other CLPS flights if Masten Space Systems cannot complete its task order.' NASA said it had already paid $66.1 million on the $81.3 million contract.
source:TechCrunch
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