Munich-based Mynaric, which makes satellite laser terminal links, has exited the German version of Chapter 11 (StaRUG). Back in March, Sir Peter Beck’s Rocket Lab announced plans to acquire Mynaric but there’s now a new owner in place. The new owner is JVH-Holding, which had been Mynaric’s main creditor but agreed to waive $105 million (€90.1m) it was owed plus interest provided it was granted control of the business.
“With this milestone, Mynaric has secured access to long-term funding and a strengthened financial foundation through its new principal shareholder, JVF-Holding GmbH,” Mynaric said in its Aug. 19 statement. “The court-approved restructuring plan significantly reduces the company’s debt burden and provides Mynaric with the financial flexibility to deliver on its production strategy to meet the increasing demand for secure, high-speed laser communication solutions across aerospace and defense markets.”
The question now is whether Rocket Lab’s proposed $75 million purchase of Mynaric will proceed.
Key to the company’s next move is Europe’s IRIS2 mega-constellation which needs laser connectivity. Reports suggest that Europe is mandating European businesses as contractors for the IRIS2 project, and Rocket Lab’s New Zealand and US locations might prohibit its participation.
Mynaric Chief Restructing Officer seemed to sum up the company’s future, saying, “This marks a pivotal moment for Mynaric. With the StaRUG process behind us and strong financial backing from our principal shareholder and lender, we are well-positioned to scale our operations and continue serving our customers with innovative and mission-critical technology.”