Mystery Group Invests More in Bankrupt Sea Launch
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 an initial tranche of financing to keep the company in operation, according to documents filed with the Delaware Bankruptcy Court.
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, according to court documents…
SEA LAUNCH PRESS RELEASE
Sea Launch Company, LLC, a leading provider of launch services to the commercial satellite industry, has received interim approval from the U.S. Bankruptcy Court in Delaware on its motion to secure up to $12.5 million in debtor-in-possession (DIP) financing from Space Launch Services, LLC.
This credit facility will provide working capital to continue Sea Launch operations as the company moves through its Chapter 11 reorganization process. In the next few months, Sea Launch will be preparing a Plan of Reorganization as well as securing exit financing and finalizing a revitalized supply chain management structure.