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Business/Financial

No Provision For Launch Failure In Orbital-ATK Merger Agreement, Orbital CEO Says

Pat Host

Wednesday, October 29th, 2014

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No Provision For Launch Failure In Orbital-ATK Merger Agreement, Orbital CEO Says

Orbital's Cygnus capsule and Antares rocket Oct. 28, 2014, prior to failure at NASA's Wallops Island Flight Facility. Photo: NASA.

Orbital Sciences [ORB] CEO David Thompson said Wednesday there is no specific provision in the agreement for company’s proposed $5 billion merger with ATK [ATK] covering launch failure and that he expected the merger to continue. Orbital suffered a catastrophic launch failure Tuesday 15 seconds after liftoff at NASA’s Wallops Island Flight Facility on the eastern shore of Virginia. The launch was part of NASA’s Cargo Resupply Services (CRS) contract to deliver cargo and supplies to the International Space Station…

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