German satellite equipment maker Mynaric AG is widely expected to file for bankruptcy protection in the next few days. Munich-based Mynaric is a major producer of laser communication systems for use in space. Its customer portfolio includes Northrop Grumman, Rocket Lab and York Space.

The German bankruptcy rules allow businesses to file for protection under its Corporate Stabilisation & Restructuring Act (StarRUG).

Mynaric says it had €8.4 million cash at hand as at the end of January, but that other financing opportunities are neither available nor in sight. However, a previous forecast that it was likely to see revenues for 2024 to be around €60 million was downgraded in January to just €14.1 million.

Mynaric has a one-week extension from its lenders and three bridging loans worth in total €21.5 million. This expires on February 7th.

The company says it is in discussions over a fourth loan which, if successful, would allow the restructuring to take place.

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Categories: Articles, Business

Tags: chapter 11, mynaric