Energia to finance Sea Launch
Posted: Fri, May 14, 2010, 6:24 AM ET (1024 GMT)
Russian space company Energia, one of the partners of the multinational Sea Launch venture, will finance the launch provider out of Chapter 11 and take a majority stake in the company. Sea Launch filed a plan of reorganization with the US Bankruptcy Court this week under which Energia Overseas Limited would take an 85% stake in in the restructured company for $140 million, and provide it with access to a $200 million line of funding. The remaining 15% of the company will be owned by unsecured creditors of Sea Launch. The company filed for Chapter 11 bankruptcy protection last summer and has not performed any launches since then. Company officials previously said that they plan to resume launches of commercial satellites in 2011.
Russian space company Energia, one of the partners of the multinational Sea Launch venture, will finance the launch provider out of Chapter 11 and take a majority stake in the company. Sea Launch filed a plan of reorganization with the US Bankruptcy Court this week under which Energia Overseas Limited would take an 85% stake in in the restructured company for $140 million, and provide it with access to a $200 million line of funding. The remaining 15% of the company will be owned by unsecured creditors of Sea Launch. The company filed for Chapter 11 bankruptcy protection last summer and has not performed any launches since then. Company officials previously said that they plan to resume launches of commercial satellites in 2011.
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