sábado, 31 de julio de 2010

U.S. Bankruptcy Court Approves Sea Launch Reorganization Plan

The U.S. Bankruptcy Court in Delaware approved Sea Launch’s reorganization plan to prepare for its emergence from Chapter 11 bankruptcy protection in the third quarter.
 
Sea Launch filed the plan May 10 as part of a 13-month restructuring process that was initiated when the company filed for bankruptcy in June 2009. The reorganization plan will become effective following completion of a U.S. regulatory review.
 

 
Details of Sea Launch’s reorganization plan have yet to be revealed. In a disclosure statement filed with the bankruptcy court in May, Sea Launch said it intends to repay its $30 million debtor-in-possession loans in full, while current trade vendor's unsecured claims, such as those from Aker and Boeing, would be repaid at 17.5 percent on the dollar.
 
The company has remained active throughout the bankruptcy process. Earlier in July, Sea Launch won multiple launch contracts with operators EchoStar and AsiaSat. A $25 million credit line from Space Launch Services has allowed Sea Launch to continue operating through reorganization.

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