MIDLAND -- After months of uncertainty, Xcor Aerospace filed for Chapter 7 bankruptcy last week. The filing is a blow to the Tall City, which gave the company millions of dollars in incentives.
The Midland Development Corporation said hindsight is 20/20, but they will use this failure as a chance to learn from the past.
“It’s public knowledge that xcor has had problems,” Brent Hillard, Chairman of the MDC said.
In recent weeks, Xcor tried and failed to find a company to financially back them.
“I’m disappointed they weren’t able to locate funding and financing," he said.
The space exploration company had hopes to use an airstrip at the Midland International Airport to fly their two person Lynx, which would have taken tourist to space.
Now, those dreams are gone, and the MDC, which fronted Xcor millions of dollars, is out, not only that money but is without a business that they were quite literally banking on.
“One would have expected other spaceport communities would’ve been in contact with us, a deeper collaboration there, to help us and kind of give us a heads up. I’m disappointed about that," Hillard said.
Now, the MDC is left to figure out where to go from here.
“There will be no more agreements that are pre-funded. This agreement was pre funded. At the end of the day, going and trying to get something back from someone who has nothing is difficult," he explained.