Lockheed Martin (NYSE: LMT) will acquire by default Vector’s satellite technology assets in bankruptcy proceedings after the U.S. Bankruptcy Court for the District of Delaware announced that no qualified bids were submitted by a Feb. 21 deadline, SpaceNews reported Monday.
Lockheed will gain access to Vector’s GalacticSky software-defined satellite technology for $4.25M as part of a deal that is expected to be completed at a Feb. 28 court hearing.
The transaction will put an end to Vector, which received debtor-in-possession financing from Lockheed when it filed for Chapter 11 bankruptcy in December.
