Urthecast which was moved from the TSX to the OTC pink sheets years ago has finally filed for bankruptcy. In Canada this process it is called “the Companies’ Creditors Arrangement Act (CCAA).” The filing was made on Sept. 4. Ernst & Young Inc. is the court-approved monitor for the proceedings (details).
The debut of “Opti-SAR” was their last desperate act to find funding which never materialized. Traction from space startups Capella Space, Iceye and Umbra Lab made it all but impossible for Urthecast to find funding. Urthcast also received pressure from optical providers BlackSky, Planet and Maxar’s Leagon constellation.
Wake Up Call for “Small Satellites” >100kg
Micro-satellite companies Capella Space, Iceye and Umbra Lab pose a very serious real threat to Synspective, XpressSAR, PredaSAR, TridentSpace and IQPS. At a fraction of the cost and similar or better capabilities. These mid-size SAR imaging constellations do not stand a chance against innovative technology, Moore’s Law and Elon Musk. This now lethal combination indicates it will be challenging for other expensive satellite missions to fund funding.
>$200M Dollar Customer Pipeline
Urthecast Corp., Urthecast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. and other petitioners (“Applicants”) obtained an Order under the Companies’ Creditors Arrangement Act (“CCAA”) in Canada on September 4, 2020. Pursuant to the CCAA Order granted by Justice Sharma of the Supreme Court of British Columbia, Ernst & Young Inc. was appointed Monitor of the Applicants.
- 1185781 B.C. Ltd.
- Deimos Imaging S.L.U.
- DOT Imaging S.L.U.
- Geosys Australia PTY
- Geosys do Brasil Sistemas de Informacao Agricolas Ltda.
- Geosys Europe Sarl
- Geosys Holding, ULC (was Geosys Technology Holding LLC)
- Geosys-Int’l, Inc.
- Geosys S.A.S.
- UrtheCast Corp.
- UrtheCast Holdings (Malta) Limited
- UrtheCast Imaging S.L.U.
- UrtheCast Investments (Malta) Limited
- UrtheDaily Corp.
CCAA Records: UrtheCast Corp., UrtheCast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. et al.
Court File Number: S-208894 Court and Judicial District: Supreme Court of British Columbia Vancouver Registry
OSB File Number: 0000502-2020-BC
Date of the Initial Order: 2020-09-04
Monitor’s web page for the proceedings
Debtor Company Information
UrtheCast Corp., UrtheCast International Corp., Urthecast USA Inc, 1185729 B.C. Ltd. et al.
Other names under which the company
carries on business:
1185729 B.C. Ltd., 1185781 B.C. Ltd., Deimos Imaging S.L.U., DOT Imaging S.L.U., Geosys Australia PTY, Geosys do Brasil Sistemas de Informacao Agricolas Ltda., Geosys Europe Sarl, Geosys Holding, ULC (was Geosys Technology Holding LLC), Geosys-Int’l, Inc., Geosys S.A.S., UrtheCast International Corp., UrtheCast Holdings (Malta) Limited, UrtheCast Imaging S.L.U., UrtheCast Investments (Malta) Limited, UrtheCast USA Inc., UrtheDaily Corp.
1055 Canada Place
Vancouver BC V6C 0C3
Ernst & Young Inc.
700 W Georgia St.
Vancouver BC V7Y 1C7
Date of the Court Order Discharging Monitor: