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.

Other Petitioners:

  • 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

Footnote 1: www.ey.com/ca/urthecast

Debtor Company Information

Company Name:

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.

Head Office:

1055 Canada Place
Suite 33
Vancouver BC V6C 0C3

Telephone: 604-669-1787

Website Footnote 1: www.urthecast.com

Service List – UrtheCast Corp. (Updated October 5, 2020)

Affidavit of A Markaroff – 14 Oct 2020 – 811 KB

Affidavit of Martin Hale (sworn October 15, 2020) – 14 Oct 2020 – 1041 KB

File Petition to court – 03 Sep 2020 – 731 KB

Notice of Appearance – 1262743 B.C. Ltd. – 7 KB

001 Initial Order – 03 Sep 2020 – 905 KB

Fourth Report of the Monitor – 14 Oct 2020 – 5649 KB

Third Report of the Monitor – 30 Sep 2020 – 1915 KB

Notice of Application (Stay extension and foreign representative) – 30 Sep 2020 – 683 KB

Notice to Creditors – 08 Sep 2020 – 161 KB

Second Report of the Monitor – 22 Sep 2020 – 4530 KB

001 First Report of the Monitor – 09 Sep 2020 – 2649 KB

Requisition re October 2, 2020 Extension Application – 30 Sep 2020 – 112 KB

heCast Corp. and Subsidiary:Affliliate Update

List of Creditors as at September 4, 2020 (Updated September 26, 2020) – 25 Sep 2020 – 601 KB

Order Made after Application re SISP – 15 Oct 2020 – 4244 KB

Order Made After Application re Third ARIO – 15 Oct 2020 – 132 KB

Court Order – October 2, 2020 – 01 Oct 2020 – 120 KB

000 Report of the Proposed Monitor (Esigned) – 02 Sep 2020 – 2294 KB

Affidavit #4 of S. Chu 2020 09 23 – 22 Sep 2020 – 10448 KB

Revised Amended and Restated Initial Order September 23, 2020 – 22 Sep 2020 – 1270 KB

Affidavit #5 of Sai Chu – 14 Oct 2020 – 6749 KB

Affidavit 1 of Sai Chu September 3, 2020 (Exhibits) – 03 Sep 2020 – 19192 KB

Order Made After Application September 14, 2020 – 10 Sep 2020 – 1196 KB

UrtheCast FAQ – 08 Sep 2020 – 236 KB

Monitor Information


Court-Appointed Monitor:

Ernst & Young Inc.




Monitor’s Representative:
Philippe Mendelson

700 W Georgia St.
Vancouver BC V7Y 1C7



Date of the Court Order Discharging Monitor:


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