SaxaVord Spaceport Addresses £10M Loan Default Concerns Amid Operational Developments
SaxaVord Spaceport reassures stakeholders of its stability following a reported technical default on a £10 million loan. The company is working to resolve the issue and anticipates successful negotiations for additional funding to support expansion plans.
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SaxaVord Spaceport reported a technical default related to a £10,629,919 loan, categorized as a minor issue with a potential waiver from the lender. Financial statements indicate operational losses of £4.6 million in 2024, with revenue increasing from £1.8 million in 2023 to £2.5 million in 2024.
The spaceport plans to complete three launchpads in Lamba Ness, Unst, with negotiations for commercial contracts progressing well, expecting commitments by mid-2026. However, a formal complaint alleges insufficient fire safety measures, prompting a scheduled site inspection by the Shetland Islands Council. The spaceport asserts adherence to safety protocols and ongoing engagement with regulatory bodies.
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