Subscribe to our free daily newsletters
  Space Travel News  

Subscribe to our free daily newsletters

Sea Launch Company Emerges From Chapter 11

illustration only
by Staff Writers
Long Beach CA (SPX) Oct 29, 2010
Sea Launch Company has successfully completed its Chapter 11 reorganization process, effective October 27, 2010. As part of the court-approved Plan ofReorganization, Energia Overseas Limited (EOL), a Russian corporation, will have acquired a majority ownership of the reorganized Sea Launch entity.

The Plan of Reorganization was approved by Judge Brendan Shannon, in the U.S. Bankruptcy Court in Wilmington, Delaware, on July 27, 2010. The successor entity, Sea Launch S.a.r.l., will be responsible for corporate functions at its operations headquarters and will maintain some assets at Sea Launch Home Port, in the Port of Long Beach, in Southern California.

Energia Logistics Ltd., a U.S. corporation, will assume management of rocket assembly and satellite integration operations at the existing Sea Launch Home Port facilities.

A Moscow-based EOL-affiliate will manage supply chain operations of all CIS-based primary and second-tier suppliers for the Sea Launch system.

The reliable Zenit-3SL launch system and its experienced operations team, with a history of 30 launches to date, will continue to support future launches.

Kjell Karlsen, Sea Launch president and general manager, and Brett Carman, chief financial officer - as well as some of the senior members of Sea Launch's executive management team - are transitioning to the new Sea Launch entity and will be joined by new professionals who will be added to the Sea Launch team as it returns to full flight operations.

Leading up to the closing of the transaction with EOL, Sea Launch successfully completed a series of milestones in 2009-10, followed by U.S. Government review of the new ownership structure. The transaction cleared the Committee on Foreign Investment in the United States on September 8, 2010.

"We are thrilled to have successfully emerged from Chapter 11 with a solid financial structure and a healthy manifest of future launches," said Karlsen.

"Completing this transaction will represent a significant accomplishment in the final steps toward re-entering the market as a strong and competitive commercial launch service provider.

We are now planning for our return to launch operations in 2011, building on the continuity of our collective expertise and proven experience of our launch system and our team.

"I want to thank everyone involved in supporting this effort, including our dedicated employees, partners and suppliers, as well as our advisors and customers, who have trusted us to provide future access to space for their satellites. We could not have succeeded in this endeavor without their commitment and support."

"We had an opportunity to systematically analyze all the existing processes and operations, both internal and external, and as a result, we are talking about an overhaul of the business at all levels," said Dennis Shomko a spokesman for EOL.

"For customers, that means transparency, reliability and predictability. We are confident that we can deliver a competitive level of business comfort to them, while ensuring that our suppliers are managed appropriately. "

Sea Launch is currently gearing up its operations and conducting maintenance of all launch related systems, while at the same time preparing for a Land Launch mission slated for as early as the 1st Quarter of 2011. This mission, the launch of the Intelsat-18 communications satellite, will originate from the Baikonur Space Center in Kazakhstan.

The next mission from the equatorial launch site is planned for the 3rd Quarter of 2011. The world's only ocean-based launch operations originate from the Odyssey Launch Platform, positioned at 154 degrees West Longitude, in international waters of the Pacific Ocean.

Jefferies and Company, Alston and Bird and Chris Picone of Buccino and Associates, Inc., served as advisors to Sea Launch. Salans, LLP, and Avicon (UK) served as advisors to Energia Overseas Limited.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Sea Launch
Launch Pad at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Political Obstacles For Sea Launch Overcome
Moscow (RIA Novosti) Oct 12, 2010
International consortium Sea Launch plans to resume Zenit-3SL carrier rocket launches from its floating platform in the Pacific Ocean in 2011, the head of the Russian Rocket and Space Corporation Energia said Monday. "All political conditions for resuming launches on the Sea Launch program have been met. All commissions in the United States have been passed. A license for 70 launches has b ... read more

Ariane 5 Lofts Dual Birds

Payload Preparations Underway For Fifth Ariane 5 2010 Mission

Sea Launch Company Emerges From Chapter 11

Ariane 5 Rolls Out For Dual Bird Launch

NASA Trapped Mars Rover Finds Evidence of Subsurface Water

Study Links Fresh Mars Gullies To Carbon Dioxide

2013 Earliest Launch Date For China Mars Mission

A One-Way Trip To Mars Would Be Affordable

Dead Spacecraft Walking

Surviving Lunar Dangers

NASA Awards Contract To Team FREDNET Google Lunar X PRIZE Contender

Collision Spills New Moon Secrets

Kuiper Belt Of Many Colors

Reaching The Mid-Mission Milestone On The Way To Pluto

New Horizons Student Dust Counter Instrument Breaks Distance Record

Nitrogen Methane Dominate Icy Surface Of Eris

Solar Systems Like Ours May Be Common

Astronomer Greg Laughlin To Talk About Earth-Like Planets

NASA Survey Suggests Earth-Sized Planets are Common

Planets Discovered Around Elderly Binary Star

Initial 30-Day Findings From DM-2 Rocket Engine Program

Commercial spacecraft launch test delayed

DLR Launches 'STERN' Rocket Programme For Students

U.K. predicts 'spaceplane' in 10 years

China says manned space station possible around 2020

China Kicks Off Manned Space Station Program

NASA chief says pleased with 'comprehensive' China visit

The International Future In Space

Space Radar Provides A Taste Of Comet Hartley 2

NASA Spacecraft Preps For Comet Flyby

Contract Signing Gives Galileo System Its Operators

Countdown To Comet Flyby Down To Nine Days

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement