Sea Launch Receives $12.5 Million Bankruptcy Credit Line; Seeks Exit Financing
November 12, 2009 | Staff Writer
Sea Launch Co. received interim approval from the U.S. Bankruptcy Court of Delaware to secure up to $12.5 million in debtor-in-possession financing from Space Launch Services to provide working capital to continue Sea Launch operations as the company moves through its Chapter 11 reorganization process, the company announced Nov. 11.
Sea Launch said it will be preparing a plan of reorganization to secure exit financing and finalize a revitalized supply chain management structure.
“Obtaining our [debtor-in-possession] financing is a significant step toward our exiting the reorganization process and returning to normal business operations. We are planning to emerge from Chapter 11 next spring and continue to provide reliable launch services for our current and prospective customers,” Kjell Karlsen, president and general manager of Sea Launch, said in a statement.
Sea Launch filed for Chapter 11 bankruptcy protection in June.