Space technology startup Vector Launch Inc. won court approval to wind down in bankruptcy following sales of company assets.
The Chapter 11 liquidation plan, which is projected to repay unsecured creditors between 5% and 19% of a total $6.9 million in claims against the company, was approved by the U.S. Bankruptcy Court for the District of Delaware Monday.
The plan also provides for the creation of a liquidation trust to distribute remaining assets to creditors and pursue claims against former CEO and founder James Cantrell for breach of fiduciary duty and misuse of corporate assets.
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