[Satellite TODAY 03-01-10] Sea Launch will receive a second debtor-in-possession loan for $12 million from Space Launch Services to allow Sea Launch to continue operating through the next phase of its reorganization process, Sea Launch announced Feb. 26.

    Sea Launch filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code in June and received approval from the U.S. Bankruptcy Court in Delaware on its motion to secure up to $25 million in funding in December. Following the court’s approval Space Launch Services issued its first loan of $12.5 million to Sea Launch.

    The court will give final approval for the second loan in March. Sea Launch expects to emerge from chapter 11 status in the second quarter.