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Sea Launch files for Chapter 11
Posted: Wed, Jun 24, 2009, 1:49 PM ET (1749 GMT)
Zenit 3SL before launch of Galaxy 16 (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.
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