RapidEye Restructuring Its Financing

Germany-based imagery provider RapidEye announced 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.”

The news comes on the heels of an announced collaboration between SST and RapidEye to provide imagery to SST customers. But Jeremy Bale of SST says that they expect no disruption in progress toward bringing the anticipated service to market.

“We have experienced no delay in recent activities and RapidEye assures us that the restructuring will have no impact on their ability to deliver imagery products through the ordering platform being made available within SST Software products later this month (June),” says Bales. “We are coaching the customers, calling to request the service, to add and sync their field boundaries with the servers as RapidEye continues to speculatively acquire imagery over the FarmRite footprint and we eagerly anticipate offering in-season imagery in the very near future.”

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