Boeing Still Seeking $356M from Sea Launch Partners
Boeing has not abandoned its effort to collect $356 million from its former Sea Launch commercial launch service partners in Russia and Ukraine despite an initial setback at a Swedish arbitration panel, saying the companies in question â€œhave the wherewithal to pay,â€ Boeing said Feb. 9.
Long Beach, Calif.-based Sea Launch is emerging from bankruptcy with fresh cash provided by an affiliate of RSC Energia of Korolev, Russia, the company that Boeing says owes nearly two-thirds of the money it is seeking for reimbursement of loans and bank guarantees it made to Sea Launch.
How likely it is that Boeing will be able to recover these funds is not known, but the company is pursuing its case at the Stockholm Chamber of Commerce despite that bodyâ€™s previous refusal to rule on the case, saying it lacked jurisdiction.
In a Feb. 9 filing with the U.S. Securities and Exchange Commission, Boeing said the Swedish panel spent a year examining Boeingâ€™s request for arbitration before deciding, in October 2010, that it had no standing to make a ruling. Boeing said it filed an appeal Jan. 11.
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