Sea Launch files for Chapter 11
Posted: Wed, Jun 24, 2009, 1:49 PM ET (1749 GMT)
Commercial launch services company Sea Launch filed for Chapter 11 bankruptcy protection late Monday but said it would continue operations at it restructured the company. The multinational venture, incorporated in Delaware, stated in its filing that it had assets of between $100-500 million but liabilities in excess of $2 billion. The company's largest creditor is also its largest stakeholder, Boeing, with nearly $1 billion in debt. The company has experienced supply chain problems that have limited the number of launches it has been able to carry out, and was further hurt by a launch failure in January 2007. the company's CEO said that the company elected to file for Chapter 11 when it could not reach a deal with a former customer, Hughes, who had won a $52-million arbitration award after canceling a launch contract with Sea Launch.
Commercial launch services company Sea Launch filed for Chapter 11 bankruptcy protection late Monday but said it would continue operations at it restructured the company. The multinational venture, incorporated in Delaware, stated in its filing that it had assets of between $100-500 million but liabilities in excess of $2 billion. The company's largest creditor is also its largest stakeholder, Boeing, with nearly $1 billion in debt. The company has experienced supply chain problems that have limited the number of launches it has been able to carry out, and was further hurt by a launch failure in January 2007. the company's CEO said that the company elected to file for Chapter 11 when it could not reach a deal with a former customer, Hughes, who had won a $52-million arbitration award after canceling a launch contract with Sea Launch.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
Blue Origin describes plans for increased New Glenn launch rates
Posted: Sat, Oct 17 11:41 AM ET (1541 GMT) |
|
news links
|
|
Wednesday, October 21
Lunar Link complete and ready for a new adventure
ESA — 6:58 am ET (1058 GMT) ‘European Starlink’ to be rolled out across Arctic
The Daily Telegraph — 6:57 am ET (1057 GMT) NASA administrator, Space Force General, talk Artemis and Golden Dome during UND visit
Univ. of North Dakota — 6:50 am ET (1050 GMT) Space Force aims to beef up guardian presence for Centcom and other combatant commands
Defensescoop — 6:50 am ET (1050 GMT) Iridium Announces Third Quarter 2026 Results
PR Newswire — 6:48 am ET (1048 GMT) |
