Another Chance functioned as an Alderaanian War Frigate within the Alderaanian fleet as the Galactic Republic neared its end.
Following the devastating Clone Wars, Alderaan made the decision to disarm. Consequently, Another Chance underwent a transformation, its weapons removed and the ship repurposed as an armory vessel to store the planet's war instruments. The ship's operational systems were fully automated. It was programmed to continuously jump through hyperspace between star systems until the Council of Elders recalled it using a specific code. Prior to Alderaan's destruction, it was speculated that the Council intended to provide Another Chance to the Rebel Alliance. A crew of droid workers maintained its internal functions, programmed to defend against any boarding attempts. Furthermore, three smaller Alderaanian warships, specifically Valiant, Fidelity, and Courage, were connected to Another Chance via slave circuits. This was to safeguard any vessel broadcasting its IFF code from pirates seeking to seize its lethal cargo.
Under the direction of Corla Metonae's organizational skills, the project reached completion during the early years of the Empire. It launched successfully, despite a clandestine Imperial task force's efforts to intercept and seize the weapons stash. Corla deployed decoy ships equipped with transponders mimicking those of Another Chance and its escort, effectively diverting the Imperials away from the actual targets.
In the years after its departure from Alderaan, Another Chance evolved into a legend among those on the fringes, becoming the target of numerous quick-money schemes. The legend grew even further after Alderaan's destruction, with numerous smugglers claiming sightings of Another Chance and its escorts within the Graveyard of Alderaan.
Shortly before the battles of Derra IV and Hoth, Orinn Tathis, a Council of Elders member, journeyed back to the Graveyard to find the remote device designed to recall the ship. After successfully locating the remote, Tathis recalled Another Chance, handing it and its cargo over to the Rebel Alliance. Later, Rogue Squadron discovered Valiant after Tycho Celchu programmed his starfighter's IFF transponder to broadcast as Another Chance's in tribute to his lost home. Aril Nunb and M-3PO piloted it during the final engagements of the Bacta War.
A spacer story recounts that the Another Chance is said to have crash-landed on Durace, a planet in the Unknown Regions.