PARIS — Commercial launch services provider Sea Launch Co., which has been in Chapter 11 bankruptcy reorganization since June 2009, said May 12 that a joint-venture company with Russia’s RSC Energia as its principal partner has agreed to invest $140 million to pull the company out of bankruptcy-court supervision and back into service.
Long Beach, Calif.-based Sea Launch said Energia Overseas Ltd. has also agreed to provide Sea Launch with $200 million in working capital to get back into its business of launching heavy telecommunications satellites into orbit from a floating Pacific Ocean platform stationed at the equator for each launch campaign.
The Delaware Bankruptcy Court overseeing Sea Launch’s case has scheduled a June 14 hearing to begin to finalize the details of Sea Launch’s Chapter 11 exit, and to verify that Sea Launch’s new sponsor and Sea Launch creditors are agreed on the financial details.
If the plan is approved as currently structured, Energia Overseas Ltd. will own 85 percent of Sea Launch’s equity. Sea Launch’s unsecured creditors, meaning those who will not receive cash compensation for their unpaid bills, will own 15 percent.
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