Brandenburg/Havel, Germany, June 1, 2011 – RapidEye, a leader in wide-area repetitive coverage of Earth through its constellation of satellites announced today that it has filed for insolvency under German insolvency laws, the equivalent of Chapter 11 protection.
Wolfgang Biedermann, the CEO of RapidEye commented that this move was necessitated by recent actions of the financing banks. The intention of the banking consortium is to allow the company to use the Chapter 11 protection to resolve certain contractual and financing issues. This action will not affect the delivery of products and services to existing and future customers nor will it affect marketing and sales activities. It is expected that RapidEye will emerge from Chapter 11 after a a short time as a stronger and healthier company fit to compete successfully in the global remote sensing market.
“We hope that our customers, our employees, and our partners will support us during these next several weeks”, said Wolfgang Biedermann. “During the last more than two years of operations our team has demonstrated that we can be successful in this market. We need to build on our strengths and continue to work on improving our weaknesses to be a viable and prosperous supplier of remote sensing data and of advanced remote sensing based information products and services.”
About RapidEye
RapidEye is a provider of quality high-resolution satellite imagery and derived geo-information products. With a constellation of five Earth Observation satellites, RapidEye images over 4 million square kilometers of Earth every day and has amassed over 2 billion square kilometers in its archive in just over two years of commercial operation. With an unprecedented combination of wide area repetitive coverage and five meter pixel size multi-spectral imagery, RapidEye is an obvious and cost-effective choice for many industries and government agencies.
RapidEye: Delivering the World.
www.rapideye.de
Contact:
Kim Douglass
Communications
Molkenmarkt 30
14776 Brandenburg a. d. Havel, Germany
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