Sea Launch exits Chapter 11
Posted: Sun, Oct 31, 2010, 10:38 AM ET (1438 GMT)
Sea Launch Company, a commercial launch provider that entered Chapter 11 bankruptcy protection in 2009, exited Chapter 11 last week under primarily Russian ownership. Energia Overseas Limited, part of Russian aerospace company RSC Energia, owns a majority stake in the restructured Sea Launch and invested $55 million in cash into the company as it exited Chapter 11. Sea Launch, started as a multinational venture led by Boeing with participation by Energia as well as Ukrainian and Norwegian companies, filed for Chapter 11 in June 2009 because of high debts. The company plans to resume launch operations from its oceangoing platform in the second half of 2011; earlier next year it will resume launches by Land Launch in Baikonur.
Sea Launch Company, a commercial launch provider that entered Chapter 11 bankruptcy protection in 2009, exited Chapter 11 last week under primarily Russian ownership. Energia Overseas Limited, part of Russian aerospace company RSC Energia, owns a majority stake in the restructured Sea Launch and invested $55 million in cash into the company as it exited Chapter 11. Sea Launch, started as a multinational venture led by Boeing with participation by Energia as well as Ukrainian and Norwegian companies, filed for Chapter 11 in June 2009 because of high debts. The company plans to resume launch operations from its oceangoing platform in the second half of 2011; earlier next year it will resume launches by Land Launch in Baikonur.
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