With assets of less than US$10 million, and with liabilities more than twice this amount, XCOR Aerospace filed for bankruptcy after finding that it could not raise further funds. The firm, which was at one time a competitor to Virgin Galactic in the suborbital spaceplane space tourism market, and which even had plans to use its planned Lynx space plane to act as a first stage as part of a nanosat launcher, found it could no longer survive.
The XCOR Aerospace firm laid off the remainder of its workforce in June. Creditors of the firm include several rich and famous individuals who were said to have pre-booked its flights. Some individuals booked on the fights include those who took part in the “Apollo Space Academy” astronaut competition as part of the Lynx/Axe body wash advertising campaign and won a ride.
The XCOR Aerospace firm was originally founded by four members of the Rotary Rocket Company which itself failed after its bizarre Roton rocket failed to gain support.
Comment by David Todd: XCOR Aerospace is regarded as basically a good outfit that could not get the money. Other less good prospective launch outfits who are getting the money, really do not deserve it.