VANCOUVER — A Vancouver satellite-imaging company has erected figurative for-sale signs in space and on the International Space Station by filing for creditor protection.
UrtheCast hopes restructuring under the Companies’ Creditors Arrangement Act (CCAA) will give it “much needed breathing space” as it tries to repay tens of millions of dollars to creditors and works to get two delayed projects off the ground.
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UrtheCast’s application to enter creditor protection was “urgently required” to avoid bankruptcy, according to court documents filed in the Supreme Court of British Columbia in early September.
It is the latest Canadian tech firm to start creditor-protection proceedings since the start of the COVID-19 pandemic. The Vancouver-based company — which has offices in the U.S., France and Spain, and employed 186 people as of the end of August—owns two satellites, as well as two Earth-observation sensors and related equipment aboard the Russian module of the ISS.