September 4, 2020
Urthecast Corp. (TSX:UR), a Vancouver, British Columbia-based Big Data services company specializing in satellite imaging, data services, and geo-analytics, obtained protection under the CCAA on September 4, listing approximately $151.3 million in liabilities and $126.6 million in assets. The company is well-known for operating two cameras on the Russian segment of the International Space Station. Historically, the company has been able to manage its required ongoing financing by obtaining secured bridge financing from its current group of secured creditors. Lately, however, the company has needed extensive funding to execute on projects still in development. In addition, the company's regular financing requirements have been negatively impacted by the COVID-19 pandemic, which has affected sales, the collection of receivables, and delayed the company in achieving payment milestones in connection with engineering and services contracts. EY was appointed monitor. Bennett Jones is counsel to the company.