Restructuring RapidEye

08/06/2011

RapidEye has filed for insolvency under German insolvency laws, the equivalent of Chapter 11 protection. Wolfgang Biedermann, the CEO of RapidEye commented that this move was necessitated by recent actions of the financing banks. The intention of the banking consortium is to allow the company to use the Chapter 11 protection to resolve certain contractual and financing issues.

This action will not affect the delivery of products and services to existing and future customers nor will it affect marketing and sales activities. It is expected that RapidEye will emerge from Chapter 11 after a a short time as a stronger and healthier company fit to compete successfully in the global remote sensing market.

Read more about: remote sensing
Supplier: RapidEye AG

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