Credit: Kleos Space
Kleos Space SA, a space-powered radio frequency (RF) reconnaissance data-as-a-service (DaaS) company with its headquarters in Luxembourg, will file for bankruptcy.
On 27 July 2023, Kleos Space spokesperson Lou Weis announced in a statement to Chronicle.lu that the company's financier informed them on 25 July 2023 it will no longer provide additional credit or forbearance on the loan facility terms.
The company’s board thus acknowledged that it has no viable alternative financial accommodation – due to the inability to pay its debts on time and because it does not see any other way to get financial help. As a result, they will ask a commercial district court in Luxembourg to declare the company bankrupt, Lou Weis said, mentioning that the company is working on the necessary paperwork, to be submitted within 30 days.
Lou Weis added that the company has much to be proud of: “…[we] worked tirelessly to deliver the vision. We developed and delivered new, highly disruptive technology that was helping to solve security challenges and also built a global customer base including numerous government agencies.” He also mentioned there having been “many challenges”, particularly with space launches and satellite development delays, but also with the “naturally slow industry contractual adoption” and the difficulties securing “continued access to capital.”
