Sea Launch Co. files for Chapter 11 reorganization
Wednesday, June 24, 2009
(06-24) 12:25 PDT Long Beach, Calif. (AP) —
Sea Launch Co., a satellite launch services provider owned by Boeing and international partners, has filed for bankruptcy protection.
In its Chapter 11 filing, the Long Beach-based company listed assets of between $100 million and $500 million against liabilities of between $500 million and $1 billion.
Sea Launch said in a statement this week that it intends to maintain all normal business operations and, subject to court approval, will initially use its cash balance to meet operational requirements during reorganization.
Boeing owns 40 percent of Sea Launch. Its partners are RSC Energia of Moscow, SDO Yuzhnoye/PO Yuzhmash of Ukraine and Aker ASA Group of Norway.
Formed in 1995, the company launches satellites from a seagoing platform that sails from the Port of Long Beach to the equator, where its rockets can lift heavier payloads than would be possible from other locations on Earth’s surface.
The platform is evacuated for launches, which are conducted by controllers aboard an accompanying command ship.
The company also offers land launches from Kazakhstan for medium-weight satellites.
Kjell Karlsen, president and general manager, sought to reassure customers, employees, suppliers and partners.
“Chapter 11 reorganization provides an opportunity for us to continue operations and focus on building our future plans,” he said in the company statement.
The company currently has a backlog of 10 launches, spokeswoman Paula Korn said Wednesday. Eight will be conducted at sea and two will be land launches.
Most of the company’s launches have been successful since the first in 1999. One of its major failures was a 2007 explosion just seconds after ignition that blew a 300-ton gas deflector off the self-propelled Odyssey launch platform.
The company’s most recent launch was conducted this week at the Baikonur space center in Kazakhstan.
Posted by admin
June 24, 2009
Sea Launch Bankruptcy Gives Advantage to European Rivals Wall Street Journal By ANDY PASZTOR The federal bankruptcy court filing earlier this week by Sea Launch Co., the last remaining US-based commercial satellite launch provider, could hand its European and Russian rivals new opportunities to gain control over the industry. Sea Launch Co. files for Chapter 11 reorganization The Associated Press Boeing’s satellite launch subsidiary files for Chapter 11 Seattle Post Intelligencer Reuters – Los Angeles Times – Seattle Times – Motley Fool all 87 news articles