[FPSPACE] Sea Launch Files for Bankruptcy After Long Losses

[James Oberg]

Sea Launch Files for Bankruptcy After Long Losses

NY Times // June 23, 2009, 7:06 am

   Satellite-launch services provider Sea Launch and five affiliates filed for Chapter 11 bankruptcy protection, citing liquidity concerns and recurring losses from operations, Reuters reported.

   In a filing on Monday with the U.S. Bankruptcy Court for the District of Delaware, Sea Launch listed assets of up to $500 million and liabilities of more than $1 billion.

The Long Beach, California-based company said in the filing it intends to explore the sale of one or more of its divisions, the news service reported.

 

UPDATE 1-Sea Launch files for Chapter 11 protection

Tue Jun 23, 2009 9:27am IST

 * Cites liquidity concerns, recurring losses from operations

* Lists assets of up to $500 mln, liabilities of over $1 bln (Adds background, details)

   June 23 (Reuters) - Satellite-launch services provider Sea Launch Co and 5 affiliates filed for Chapter 11 bankruptcy protection, citing liquidity concerns and recurring losses from operations.

   In a filing on Monday with the U.S. Bankruptcy Court for the District of Delaware, Sea Launch listed assets of up to $500 million and liabilities of more than $1 billion.

The Long Beach, California-based company said in the filing it intends to explore the sale of one or more of its divisions.

   Sea Launch, which offers commercial space launch capabilities from the Baikonur Space Center in Kazakhstan, is owned by among others Boeing Co (BA.N: Quote, Profile, Research), Russia's RSC Energia and Norway's Aker ASA (AKER.OL: Quote, Profile, Research).

   The case In re Sea Launch Co LLC et al, U.S. Bankruptcy Court, District of Delaware. No. 09-12153. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Saeed Azhar) 
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