XCOR Aerospace goes bust

Spaceplane developer XCOR Aerospace has filed for bankruptcy. XCOR operated from the Mojave Desert in California (although officially is headquartered in Midland, Texas) where it has spent the best part of 20 years developing rocket engines and a sub-orbital ‘space plane’.  The company’s plan was to use an airstrip at Midland to fly its 2-person ‘Lynx’ space plane.

XCOR filing with the US Bankruptcy Court in California is for a ‘full’ Chapter 7 bankruptcy where all the of the company’s assets will be sold off.

The business has struggled for some years to win fresh investment funding and appointed a new CEO (Michael Blum) in June who admitted that timing was tight to find fresh cash.

XCOR’s filing says it has debts of between $10 – $50 million, and assets of just $1 – $10 million.

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