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RapidEye files for insolvency

Brandenburg, Germany: RapidEye filed for insolvency under German insolvency laws, the equivalent of Chapter 11 protection. Wolfgang Biedermann, CEO of RapidEye said 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 short time as a stronger and healthier company fit to compete successfully in the global remote sensing market. “We hope that our customers, our employees, and our partners will support us during these next several weeks”, said Wolfgang Biedermann. “During the last more than two years of operations our team has demonstrated that we can be successful in this market. We need to build on our strengths and continue to work on improving our weaknesses to be a viable and prosperous supplier of remote sensing data and of advanced remote sensing based information products and services.”

Source: RapidEye