Wednesday, June 24, 2009

Sea Launch Files Chapter 11

Long Beach-based Sea Launch, which was a provider of ocean-based launch services to the commercial satellite industry, said this week that it has filed for voluntary Chapter 11 bankruptcy. According to the firm, it had assets of between $100M and $500M, and liabilities of between $500M and $1 billion. The firm said it would continue all of its normal business operations, using existing cash and possibly tapping Debtor in Possession financing if necessary. Sea Launch is backed by Boeing, as well as Russian, Norwegian, and Ukrainian firms.