Russian Space Agency To be Bailed Out of Sea Launch Project

Sea Launch told the court that its assets were valued between $100 million and $500 million, but that its liabilities are between $500 million and $1 billion.

Baikonur, Russia (RIA Novosti) Nov 11, 2009
RSC-Energia is putting a strong effort to revive its bankrupt Sea Launch joint international project, the head of the company said on Tuesday.

The Sea Launch consortium, established in 1995, is owned by Boeing, RSC-Energia, Norway's Kvaerner ASA, Ukraine's Yuzhnoye design bureau and Yuzhmash production association. It is the only company that conducts launches from a sea-based platform near the Equator, which allows rockets to carry heavier payloads than from other latitudes.

"Boeing has paid off its Sea Launch debts and filed claims to other partners......We are taking steps to save the project so that Boeing receives dividends from it rather than putting claims against us," Vitaly Lopota said. "We have solid prospects and have found investors," he added.

In June 2009, the provider of the Sea Launch service, California-based Sea Launch Co. LLC, filed for Chapter 11 bankruptcy protection in a U.S. court.

Sea Launch told the court that its assets were valued between $100 million and $500 million, but that its liabilities are between $500 million and $1 billion. The company hired Alston and Bird LLP to handle the restructuring.

While the company continues work on reorganisation, preparations are underway for the launch of the Intelsat 15 communications satellite later this year, from its Land Launch site at the Baikonur Space Center in Kazakhstan.

Sea Launch has carried out 30 rocket launches from the Odyssey launch platform in the Pacific Ocean since 1999.