Long Beach CA (SPX) Mar 22, 2010
Sea Launch received final approval on March 17 from the U.S. Bankruptcy Court in Delaware on its motion to secure a second tranche of debtor-in-possession (DIP) financing in the amount of $12 million from Space Launch Services, LLC (SLS).
SLS also provided the first tranche of DIP financing in the amount of $12.5 million to Sea Launch, pursuant to an earlier court order dated December 3, 2009.
Sea Launch, a leading provider of launch services to the commercial satellite industry, received interim approval from the court earlier this month for this second tranche of the DIP credit facility, which is providing working capital for continued Sea Launch operations while the company proceeds through its Chapter 11 reorganization.
Sea Launch is planning to submit its Plan of Reorganization to the court shortly, as a step toward emerging from Chapter 11 status.
The company is also completing a comprehensive plan for a revised and revitalized supply chain management structure with its partner organizations to assure timely and cost-effective hardware deliveries and related infrastructure support.
This element is an essential factor in the company's emergence and success going forward. Sea Launch is also engaged in discussions with interested investor groups to secure exit financing intended to provide a strong foundation for transitioning from bankruptcy to a healthy and reliable launch services provider.
Space Launch Services is providing financing to Sea Launch in collaboration with Excalibur Almaz, and is working to provide exit financing, as well as equity investment in a reorganized Sea Launch, for the purpose of sustaining reliable commercial access to space.
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Long Beach CA (SPX) Nov 27, 2009
Preparations are moving forward at the Baikonur Space Center in Kazakhstan for the fourth Land Launch mission, the first of a satellite for Intelsat. Liftoff on November 29 is planned at 1:00 pm PT (21:00 GMT), for the Intelsat 15 satellite, at the start of a one-hour launch window. From the Land Launch pad at Area 45, a Zenit-3SLB vehicle will lift the Intelsat 15 spacecraft to ... read more
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