A bankruptcy judge approved Lockheed Martin Corp.’s purchase of space-technology company Vector Launch Inc.’s GalacticSky satellite business, WSJ Pro Bankruptcy reported. Judge John T. Dorsey said that he would sign off on Lockheed’s $4.25 million purchase of the satellite software business at a hearing on Friday. Vector Launch was also developing two rockets to launch satellites from anywhere when its venture-capital backer pulled the plug on the financing. Those developmental-stage rockets, each designed to handle more than 100 flights a year, weren’t included in the sale to Lockheed. Vector Launch filed for bankruptcy late last year, blaming its demise on venture-capital backer Sequoia Capital’s decision not to provide additional funding for its development efforts. The company had raised about $100 million in venture capital, with its Series A funding round led by Sequoia. Founded in 2016, Vector had been developing two satellite launchers designed for small-size spacecraft, neither of which have reached orbit. At the time of the bankruptcy, the company employed more than 150 rocket scientists, engineers and other staff on payroll. Aside from the rockets and facilities in California and Arizona, Vector’s assets include intellectual property, patents, rocket engines and a transporter-erector launcher.
