Company Update – October 2024
Since August 2023, with financial backing from the Company’s secured debt provider, the cumulative legal conditions required for bankruptcy have not been met as of this date. Consequently, a bankruptcy filing has not yet been made with the relevant commercial district court in Luxembourg.
The Company will continue to closely monitor its status in accordance with Luxembourg legal conditions. Should the situation evolve and the legal conditions for bankruptcy be met, the petition will be filed in compliance with Luxembourg law. Further details, including the contact information for any appointed bankruptcy receiver, will be provided if and when the petition is adjudicated.
Additionally, regulatory work aimed at facilitating the sale of the Company’s assets has been ongoing since August 2023. However, as of this date, this regulatory process has not yet been concluded.
All contracts were terminated as of July 2023 and this status remains unchanged, the Company has no employees. Costs have been minimized, and the sole Director, Andy Bowyer, is not employed by the Company.
Due to various factors, including the design end-of-life of the satellites, three satellites remain in orbit: KSF3a, KSF3b, and KSF3d at the time of this release.
