Home >> News: December 3rd, 2009 >> Story
Satnews Daily
December 3rd, 2009

Sea Launch Company.... Financially Speaking...

Sea Launch Company, LLC, today received final approval from the U.S. Bankruptcy Court in Delaware on its motion to secure up to $12.5 million in debtor-in-possession (DIP) financing from Space Launch Services, LLC. Sea Launch received interim approval from the court on November 10 for the DIP credit facility, which is providing working capital for continued Sea Launch operations while the company proceeds through its Chapter 11 reorganization.

The company is also completing a comprehensive plan for a revised and revitalized supply chain management structure with its partner organizations to assure timely and cost-effective hardware deliveries and related infrastructure support. This element is a significant factor in the company’s emergence and success going forward. During the first quarter of 2010, Sea Launch plans to submit a Plan of Reorganization to the court as a step toward emerging from Chapter 11 status. Sea Launch will also be working to secure exit financing to provide a strong foundation for transitioning from bankruptcy to a healthy and reliable launch services provider.

Excalibur Almaz and PlanetSpace are working to provide exit financing through Space Launch Services, LLC (“SLS LLC”), as well as equity investment in a reorganized Sea Launch, for the purpose of sustaining reliable commercial access to space. SLS LLC is led by Bohdan (Bo) Bejmuk, an aerospace consultant with in-depth knowledge of space systems and launch vehicles. In parallel with its focus on the reorganization process, Sea Launch successfully completed the launch of the Intelsat 15 satellite on November 30, on a Zenit-3SLB vehicle from the Baikonur Space Center in Kazakhstan. This is Sea Launch’s fourth and final launch campaign of 2009.