XCOR Owes $27.5 Million to Creditors, Orbital Outfitters Out of Business

Lynx engine hot fire. (Credit: XCOR)

The numbers are in on XCOR Aerospace’s bankruptcy, and as one would expect, they’re not real pretty.

The company has $1.1 million in assets and $1,424.66 in cash, according to documents filed with the Bankruptcy Court for the Eastern District of California. XCOR owes $27.46 million to creditors, with $23.6 million in unsecured debts and $3.86 million in liabilities secured by assets.

Orbital Outfitters, a company that was developing spacesuits in which XCOR had a financial interest, is listed in the documents as being “out of business.”

Space Florida is the largest secured credit at $3.6 million. The state-run agency’s has a “blanket security interest in personal property.” XCOR had made a deal to manufacture and operate its Lynx suborbital space plane from Florida.

XCOR estimates it spent $25 to $30 million developing the unfinished Lynx. An additional $15 to $20 million would be required to complete the vehicle, according to the documents.

Midland Development Corporation (MDC) has $10 million in unsecured claims. The funding was provided to XCOR to move from its base in Mojave, Calif., to the West Texas city, a process the company did not complete before it filed for bankruptcy earlier this month.

SXC N.V., located on the island of Curacao, is owed $6.3 million. XCOR had planned to fly Lynx from the Caribbean island.

Orbital Outfitters had moved out to Midland with financial aid from MDC. It’s not clear when the company went out of business.