Rocketplane lands in bankruptcy
The aerospace company, once based at Will Rogers World Airport, and its CEO have filed for Chapter 7 in Wisconsin.
The final destination for Rocketplane, the aerospace company that once promised Oklahoma the moon, may be bankruptcy court.
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The state Legislature narrowly agreed in February to continue funding the Oklahoma Space Industry Development Authority, which runs the Spaceport in Burns Flat.
Like most state agencies, the agency received a 7 percent cut; it will receive $424,289 this fiscal year, which began July. At the time, Rep. Todd Russ said if nothing substantial happens at the Spaceport in the next three years, he would talk with legislators about possibly closing it. Agency Director Bill Khourie said it has reduced its staff from five to three but is still operating. There are several space companies other than Rocketplane that could potentially fly from the Spaceport in the near future, he said.
Last month, Rocketplane filed for Chapter 7 bankruptcy in Wisconsin, where it relocated after closing its Oklahoma City headquarters at Will Rogers World Airport and relinquishing its hangar at the Oklahoma Spaceport in Burns Flat in 2009.
CEO George French filed personally as well as for each of three business entities: Rocketplane, Rocketplane Global and Rocketplane Kistler. Debts for each were listed at about $8.2 million, $3.7 million, $2.6 million and $7.4 million, respectively.
The company's assets include some structural components and the patented intellectual property from the company's work designing an aircraft capable of transporting tourists into space. Those design patents may now be sold as part of the bankruptcy liquidation.
When contacted by phone, French said Rocketplane reached the "preliminary design review" stage during its years in Oklahoma.
The company started with investments that included an $18 million state tax credit, received in 2003 and later sold to Bank of Oklahoma. That credit, the Space Transportation Vehicle Provider Credit, expired at the end of the year, the Oklahoma Tax Commission said.
Rocketplane received private investments as well.
"We came there, and put all our money on the table. We spent it all," French said.
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