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Energia Overseas Limited Assumes DIP Financing For Sea Launch

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by Staff Writers
 Long Beach CA (SPX) May 05, 2010
 Sea Launch has accepted the terms of agreement for debtor-in-possession (DIP) financing from Energia Overseas Limited ("EOL"). As a result of the court-approved agreement, EOL will replace Sea Launch's existing DIP lender, Space Launch Services (SLS).

The new DIP financing agreement with EOL, which received interim approval from the U.S. Bankruptcy Court in Delaware on April 27, provides additional funding to Sea Launch, totaling $30 million.

Part of the proceeds of this facility will be used to repay all outstanding SLS DIP loans to date, amounting to approximately $19 million.

The remaining balance of this facility will be used to fund ongoing operations at Sea Launch through confirmation of its Plan of Reorganization.

The new arrangement is also expected to position Sea Launch for exit financing, as the company prepares for its successful emergence from the Chapter 11 bankruptcy proceedings.

The DIP financing transaction closed on April 30.

Sea Launch was assisted in the transaction by Jefferies and Company, Alston and Bird LLP and Chris Picone of Buccino and Associates, Inc. EOL was advised by Salans LLP and Avicon (UK).



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