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Court approves Sea Launch reorganization plan
Posted: Thu, Jul 29, 2010, 6:35 AM ET (1035 GMT)
Zenit 3SL before launch of Galaxy 16 (Sea Launch) A US court has given its approval to a plan that will allow commercial launch provider Sea Launch to exit bankruptcy protection and resume operations under new ownership. The US Bankruptcy Court in Delaware approved the plan this week for the restructuring of Sea Launch, which has been under Chapter 11 bankruptcy protection since June of last year. Sea Launch, which originally was a multinational consortium with American, European, Russian, and Ukrainian owners, will be 95-percent owned by Russia's RSC Energia when the reorganization is complete. The company hopes to resume launch operations in 2011.
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