Orbex's Danish Subsidiary Orbital Express Launch ApS to File for Bankruptcy Amid Asset Sale Negotiations
Orbex's Danish subsidiary, Orbital Express Launch ApS, is set to file for bankruptcy after closing its facilities on January 20th, resulting in the loss of around 90 jobs. The parent company, facing financial difficulties, has initiated asset sale negotiations with The Exploration Company, which aims to collaborate on future projects despite Orbital Express's reported losses and negative equity. The official bankruptcy filing is expected on January 22nd.
Theia Market Signal Identification - AI Assisted
Orbex's Danish subsidiary, Orbital Express Launch ApS, will file for bankruptcy following the closure of its facilities on January 20th, resulting in the loss of approximately 90 jobs. The UK parent company, Orbex, is also facing financial challenges and has signed a letter of intent to sell its assets to The Exploration Company.
Established in Denmark in October 2016, Orbital Express Launch reported losses of DKK 70.67 million (€9.46 million) and had negative equity of DKK 55.38 million (€7.4 million) as of December 31, 2024. The auditor's report indicated reliance on funding from Orbex, raising concerns about ongoing operations.
The Danish subsidiary is expected to officially file for bankruptcy on January 22nd. The Exploration Company’s CEO noted the complementary nature of the two businesses and stated collaboration with the UK government on the launcher roadmap.
Comments