Space Launch Services Company will issue a second tranche of debtor-in-possession (DIP) financing to Sea Launch, which will allow the international consortium to continue operating through the next phase of its re-organization.
"The $12-million loan agreement will provide funds for Sea Launch to continue operating through the next phase of its re-organization process," Sea Launch spokeswoman Paula Korn told Interfax-AVN on Saturday.
The U.S.-based commercial satellite launch provider filed for Chapter 11 reorganization on June 22, 2009. On December 3, the company received approval from the U.S. Bankruptcy Court in Delaware on its motion to secure up to $25 million in DIP funding, of which $12.5 million was distributed at that time. The court is expected to give final approval for the second tranche of the funding at a March 17 hearing.
"Sea Launch expects to submit a Plan of Reorganization to the bankruptcy court in the near future, as a step toward emerging from Chapter 11 status in the second quarter of 2010," Korn said.
Sea Launch, which was established in 1995, includes a subsidiary of the U.S. Boeing corporation (a 40% stake), which is responsible for general management and financing functions, Russia’s Energia spacecraft corporation (25%), Ukrainian enterprises Pivdenne (5%) and Pivdenmash (10%), as well as Norway’s Aker Solutions shipbuilding company (20%).
The international consortium has conducted 30 launches of Zenit-3SL rockets from a mobile launch pad in the Pacific Ocean. Two launches failed and one was partially successful.
