Space
Mystery Group Invests More in Bankrupt Sea Launch (Source: Space News)
Commercial launch-services provider Sea Launch Co., which has been in Chapter 11 bankruptcy proceedings since June, on Feb. 25 received $3 million in cash from the same group of investors that provided initial financing to keep the company in operation. Further payments totaling $9 million will be distributed in three monthly increments starting in March on condition that Long Beach, Calif.-based Sea Launch begins to secure commercial launch contracts.
Sea Launch’s current financial backers have set specific requirements that the company sign up to six launch contracts in order to receive the full $12 million, according to court documents. A group identifying itself as Space Launch Services LLC and the Heinlein Prize Trust, apparently consisting of the same people, has been paying Sea Launch’s currently minimal operating expenses since the Chapter 11 bankruptcy filing. This group is presumed to be among those who will take Sea Launch out of Chapter 11 bankruptcy, perhaps as soon as this summer. (2/27)
