Sea Launch News
Sea Launch Receives Court Approval for Additional Financing
Sea Launch received final approval on Mar. 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. The funds will provide 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.
