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Bankrupt satellite-launch startup Vector to be auctioned off

• by David Wichner

After announcing in August it was halting operations amid a major change in financing, Vector filed for Chapter 11 bankruptcy protection in mid-December after a key investor, Sequoia Capital, withdrew its support.

Secured lenders later seized most of the company's remaining funds, prompting the bankruptcy filing, Vector said in bankruptcy documents.

The company has reached an agreement under which aerospace giant Lockheed Martin would provide Vector with a secured loan of $500,000 and buy assets related to Vector's GalacticSky business — a planned orbiting computer platform of "software defined" satellites that can be adapted to various software applications while aloft.

Lockheed also has agreed to provide Vector with a $2.5 million secured loan to fund the company through bankruptcy.

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