By Rick Archer (August 12, 2022, 5:44 PM EDT) — A Delaware bankruptcy judge on Friday approved $1.4 million in Chapter 11 funding for NASA contractor Masten Space Systems Inc. from the riding bidder in an auction which Masten hopes to run within a month.
In a virtual hearing, U.S. Bankruptcy Judge Brendan Shannon questioned whether Masten Space Systems allowed enough notice for its proposed sale, but gave initial approval to the Chapter 11 financial package provided by Astrobotics Technology.
California-based Masten Space Systems filed for Chapter 11 protection on July 28 with $21.6 million in unsecured claims, mostly from the company’s suppliers.
According to court records, the…
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