Sea Launch wins funding for continued operations
Posted: Thu, Nov 12, 2009, 7:33 AM ET (1233 GMT)
Sea Launch, the commercial launch company that filed for Chapter 11 bankruptcy protection earlier this year, announced Wednesday that it has secured financing to continue operations into next year. An investor known only as Space Launch Services, LLC, has provided Sea Launch with up to $12.5 million in debtor-in-possession financing to keep the company operating as it continues with its restructuring. The company said it projects exiting from Chapter 11 in the first quarter of 2010. A major investor in Sea Launch, Boeing, is not expected to have a stake in the restructured company when it emerges from Chapter 11.
Sea Launch, the commercial launch company that filed for Chapter 11 bankruptcy protection earlier this year, announced Wednesday that it has secured financing to continue operations into next year. An investor known only as Space Launch Services, LLC, has provided Sea Launch with up to $12.5 million in debtor-in-possession financing to keep the company operating as it continues with its restructuring. The company said it projects exiting from Chapter 11 in the first quarter of 2010. A major investor in Sea Launch, Boeing, is not expected to have a stake in the restructured company when it emerges from Chapter 11.
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