Sea Launch Company LLC, a leading provider of launch services to the commercial satellite industry, has filed a Plan of Reorganization (the “Plan”) with the U.S. Bankruptcy Court in Delaware, in preparation for its emergence from Chapter 11. Sea Launch filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on June 22, 2009.

Pursuant to the terms of the Plan, Energia Overseas Limited (EOL) will purchase 85% of the stock in the reorganized Sea Launch in exchange for an equity investment of $140 million. EOL will also provide Sea Launch with access to a working capital facility in the amount of $200 million. EOL is a joint venture company collaborating with RSC Energia, a founding Sea Launch partner with lead responsibility as a key supplier and manager of rocket operations. The remaining 15% stake in the company will be owned by Sea Launch’s unsecured creditors.

“Submitting our Plan to the Bankruptcy Court is the result of an extraordinary effort among all of the participants in the Sea Launch partnership,” said Kjell Karlsen, president and general manager of Sea Launch. “The reorganization process has required commitment, tenacity and focus on the part of all involved. The completion of the Plan is a significant accomplishment, and brings us a step closer to returning to normal business operations so that we may continue to provide reliable launch services for our current and prospective customers.”

“This transaction constitutes not only an EOL investment, but also an operational opportunity for experienced professionals in the U.S., Russia, Ukraine, Norway and U.K. to combine their efforts in returning this unique, international business to the commercial launch market,” said an EOL spokesperson. “The significance of maintaining a competitive launch alternative for the U.S. and the international commercial satellite industry with Sea Launch should not be underestimated and we believe the satellite community will welcome these efforts.

“We understand this business, we understand the complexities and challenges and, most importantly, we know how to manage the processes. Therefore, it will be a 'win-win' combination for all parties involved. For customers, this translates into Sea Launch continuing as a reliable partner for providing best-in-class satellite launch service. Implementation of the proposed reorganization plan will result in a strong, sound and stable world-class corporation, allowing Sea Launch to offer its proven high quality and unmatched value. We look forward to fulfilling the regulatory requirements to return Sea Launch to operations.”

Jefferies & Company, Alston & Bird LLP and Chris Picone of Buccino & Associates, Inc., serve as advisors to Sea Launch. EOL is advised by Salans LLP and Avicon (UK).