[Satellite TODAY 07-28-10] The U.S. Bankruptcy Court in Delaware
approved Sea Launch
’s reorganization plan to prepare for its emergence from Chapter 11 bankruptcy protection in the third quarter, the company announced July 27.
Sea Launch filed the plan May 10 as part of a 13-month restructuring process that was initiated when the company filed for bankruptcy in June 2009. The reorganization plan will become effective following completion of a U.S. regulatory review.
“Court confirmation of our Plan of Reorganization is the next step in the reorganization process for Sea Launch and brings us closer to re-entering the market as a strong and competitive commercial launch service provider. We will continue toward emergence with a solid financial structure and a healthy manifest of future launches,” Sea Launch President Kjell Karlsen said in a statement.
Details of Sea Launch’s reorganization plan have yet to be revealed. In a disclosure statement filed with the bankruptcy court in May, Sea Launch said it intends to repay its $30 million debtor-in-possession loans in full, while current trade vendor's unsecured claims, such as those from Aker
, would be repaid at 17.5 percent on the dollar.
The company has remained active throughout the bankruptcy process. Earlier in July, Sea Launch won multiple launch contracts with operators EchoStar
. A $25 million credit line from Space Launch Services has allowed Sea Launch to continue operating through reorganization.
Sea Launch Wins EchoStar Contract for Up to Three Launches Satellite Today July 27, 2010[Satellite TODAY 07-27-10] Sea Launch has signed an agreement with a subsidiary of EchoStar Satellite Services to launch up to three satellites on the Sea Launch system, the company announced July 23. Sea Launch will launch the satellites on...
Sea Launch Wins AsiaSat Contract; Plans to Exit Chapter 11 in Third Quarter Satellite Today July 13, 2010[Satellite TODAY 07-13-10] Sea Launch has entered into an agreement with Asia Satellite Telecommunications (AsiaSat) to launch an AsiaSat satellite into geosynchronous transfer orbit between 2012 and 2014, Sea Launch announced July 12.Sea Launch Reorganization Plan Pays Back Only 17.5 Percent of Boeing s Claims Satellite Today May 13, 2010[Satellite TODAY 05-13-10] Under Sea Launch s reorganization plan, Aker and Boeing may not receive the full $1.76 billion in claims the two companies filed against the launch provider after it filed for bankruptcy in June, according to a disclosure...