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Capitalism in space: XCOR’s bankruptcy has revealed that the company owed $27.5 million to creditors, the largest of which are government agencies that gave the company money in the hope its operations would bring business to their regions.
Space Florida is the largest secured credit at $3.6 million. The state-run agency’s has a “blanket security interest in personal property.” XCOR had made a deal to manufacture and operate its Lynx suborbital space plane from Florida.
XCOR estimates it spent $25 to $30 million developing the unfinished Lynx. An additional $15 to $20 million would be required to complete the vehicle, according to the documents.
Midland Development Corporation (MDC) has $10 million in unsecured claims. The funding was provided to XCOR to move from its base in Mojave, Calif., to the West Texas city, a process the company did not complete before it filed for bankruptcy earlier this month.
In addition, a private spacesuit company, Orbital Outfitters, appears to have gone of business in connection with this bankruptcy.