[Satellite TODAY 11-12-09] Sea Launch Co. received interim approval from the U.S. Bankruptcy Court of Delaware to secure up to $12.5 million in debtor-in-possession financing from Space Launch Services to provide working capital to continue Sea Launch operations as the company moves through its Chapter 11 reorganization process, the company announced Nov. 11.
    Sea Launch said it will be preparing a plan of reorganization to secure exit financing and finalize a revitalized supply chain management structure.
    “Obtaining our [debtor-in-possession] financing is a significant step toward our exiting the reorganization process and returning to normal business operations. We are planning to emerge from Chapter 11 next spring and continue to provide reliable launch services for our current and prospective customers,” Kjell Karlsen, president and general manager of Sea Launch, said in a statement.
     Sea Launch filed for Chapter 11 bankruptcy protection in June.

Related Stories-

SES CEO Assesses Global Launch Services Situation    Satellite News   October 2, 2009
[Satellite News 10-02-09] Launch services and access to space are at the forefront of discussions in the satellite sector, particularly in light of Sea Launch s bankruptcy filing. SES CEO Romain Bausch spoke to Satellite News about his view…

Bankruptcy Judge Approves Sea Launch Request to Operate Through Chapter 11   Satellite Today   June 30, 2009
[Satellite Today 06-30-09] A U.S. bankruptcy judge ruled that Sea Launch Co. can continue maintaining its bank accounts and paying its utilities and employees as it restructures under Chapter 11 protection, Sea Launch confirmed June 29.

Sea Launch Files for Chapter 11 Bankruptcy Protection    Satellite Today   June 24, 2009
[Satellite Today 06-24-09] Sea Launch Company LLC and Sea Launch Limited Partnership and subsidiaries filed voluntary petitions to reorganize under Chapter 11 in U.S. Bankruptcy Court, Sea Launch announced June 22.