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Spaceflight Industries goes through financial restructuring as key launch nears

16 Nov 2018, 01:22 UTC
Spaceflight Industries goes through financial restructuring as key launch nears
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Spaceflight’s team gathers in front of SpaceX’s facilities at Vandenberg Air Force Base in California during preparations for a dedicated-rideshare launch. (SpaceflightInc via Twitter)
Seattle-based Spaceflight Industries laid out the status of a debt restructuring plan this week in advance of its most ambitious satellite launch operation to date.
Documents filed with the Securities and Exchange Commission on Tuesday describe an offering of $29.9 million in debt instruments and options for other securities, with five investors participating to date. The filing said $22 million of the offering has been sold, with $7.9 million remaining.
Spaceflight Industries spokeswoman Jodi Sorensen told GeekWire in an email that the filing was triggered when the company finished up a restructuring deal.
“Part of that funding ($15M) went through restructuring, making it more available to us, while the current investors did invest another $7M,” she explained. “So some is from restructuring, some is net new investment.”
Further details about the restructuring deal were not immediately available, but we’ll update this item with anything more we hear.
Spaceflight Industries’ previous investors include Vulcan Capital, the late billionaire Paul Allen’s venture capital fund, as well as a French-Italian joint venture known as The Space Alliance, Japan’s Mitsui ...

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