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In August, the company announced that it was “pausing� operations and its co-founder and CEO Jim Cantrell was departing after a major change in financing, later attributed to the withdrawal of one of its biggest venture-capital investors.

In its filing, Vector said its board reached an agreement on Nov. 20 under which Lockheed Martin would provide Vector with a secured loan of $500,000 and buy Vector assets related to GalacticSky — essentially an orbiting computer platform of “software defined� satellites that can be adapted to various software applications while aloft.

Lockheed’s purchase of the GalacticSky assets is subject to higher and better offers and bankruptcy financing for Vector of up to $2.5 million.

Last year, Vector sued Lockheed Martin in federal court in California, alleging that the aerospace and defense giant violated multiple Vector patents related to software-defined satellites. Vector voluntarily dropped that suit in July.

Vector did not include details of its assets and debts in its initial bankruptcy petition, but in a summary reported assets worth between $10 million and $50 million and debts of between $1 million and $10 million.

In a Chapter 11 bankruptcy, debtors are protected from legal actions while they work out a plan to repay creditors, which often involves new financing or a sale of assets.

The company says there will be money available to pay its unsecured creditors but has asked for more time to file detailed financial schedules.

A list of the company’s 20 largest unsecured creditors Vector filed with its bankruptcy petition included more than $2 million in trade debt to suppliers, about $950,000 in convertible notes — short-term debt that can be converted to stock — and six-figure amounts for wages and severance pay owed to a half-dozen former employees.

Garvey Spacecraft Corp., a company founded by Vector co-founder and CEO John Garvey and owned by Vector, was part of the agreement and also filed for Chapter 11 bankruptcy protection in Delaware.

Garvey, who was named acting CEO when Cantrell departed and remains listed as a company board member, could not be reached for comment.

Founded in 2016 by Cantrell, a veteran of Elon Musk’s SpaceX, along with rocket expert Garvey and other tech-industry veterans, Vector has been backed by more than $90 million from major venture-capital firms, including a $70 million funding round last year.

Major investors include New York-based Kodem Growth Partners, Morgan Stanley Alternative Investment Partners, Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures.

In Vector’s bankruptcy filing, all but Morgan Stanley are listed as owners of 10% or more of any class of Vector’s shares.

As of February, the company reported about 70 ÃÛèÖÖ±²¥-area employees and another 80 at sites in Huntington Beach and San Jose, California.