Saxavord (SAXA) Reports £10M Loan Default Amid Funding Efforts

AI Summary

Saxavord, a spaceport in the Shetland Islands, reported a technical default on a £10 million loan from last year, allowing lenders to potentially call in debts. The company disclosed a loss of £5.4 million in 2024 against revenues of £2.5 million, as it works to secure additional funding by 2026. Despite the default, there are indications from lenders of possible waivers. The development is significant as Saxavord prepares for planned rocket launches, reflecting both challenges and potential in the UK space launch sector.