Author Topic: Sea Launch files for Chapter 11 protection (Read 90532 times)

Salo · « **Reply #160 on:** 05/12/2010 08:24 pm »

http://www.spacenews.com/launch/100512-sealaunch-energia-finance-bankruptcy-exit.html

sdsds · « **Reply #161 on:** 05/13/2010 02:09 am »

Quote from: Salo on 05/12/2010 08:24 pm

http://www.spacenews.com/launch/100512-sealaunch-energia-finance-bankruptcy-exit.html

"The Delaware Bankruptcy Court overseeing Sea Launch’s case has scheduled a June 14 hearing to begin to finalize the details of Sea Launch’s Chapter 11 exit"

How long after that date could they conceivably launch a payload?

kq6ea · « **Reply #162 on:** 05/13/2010 02:28 am »

Having been involved with turning everything off, I'd guess it would take several months *minimum* to get the equipment on both ships up and running again.
One problem I see is that everybody who knew the systems is gone. Contracts were canceled, people were let go, assets were removed, etc.
I really wish them well. I'd go back in a heartbeat if I were offered a job there.

Danderman · « **Reply #163 on:** 05/13/2010 11:15 am »

Quote from: kq6ea on 05/13/2010 02:28 am

Having been involved with turning everything off, I'd guess it would take several months *minimum* to get the equipment on both ships up and running again.
One problem I see is that everybody who knew the systems is gone. Contracts were canceled, people were let go, assets were removed, etc.
I really wish them well. I'd go back in a heartbeat if I were offered a job there.

The Energia and Yuzhnoye people may be gone from Long Beach, but they are not gone. On the other hand, the Boeing people may actually be gone, as in "left Boeing".

So, could Energia and Yuzhnoye pull off a SeaLaunch without Boeing?

kq6ea · « **Reply #164 on:** 05/13/2010 04:17 pm »

Yep, a lot of us couldn't find other employment within Boeing, so we separated from the company. Others have transferred, some out of state, and getting them back would be difficult, and others still are on "Long Term Loan". Some of the systems Boeing operated were ITAR, so having non US people operate them might be a real sticking point. Other systems were highly proprietary, so you'd need "Factory Authorized" people to operate them.
Believe me, there was much wailing and gnashing of teeth *by the management* as people were given their 60-day notices of impending layoff.
Still, almost anything is possible, given the suitable application of cash.

Danderman · « **Reply #165 on:** 05/13/2010 04:47 pm »

Quote from: kq6ea on 05/13/2010 04:17 pm

Yep, a lot of us couldn't find other employment within Boeing, so we separated from the company. Others have transferred, some out of state, and getting them back would be difficult, and others still are on "Long Term Loan". Some of the systems Boeing operated were ITAR, so having non US people operate them might be a real sticking point. Other systems were highly proprietary, so you'd need "Factory Authorized" people to operate them.
Believe me, there was much wailing and gnashing of teeth *by the management* as people were given their 60-day notices of impending layoff.
Still, almost anything is possible, given the suitable application of cash.

Given the reality of LandLaunch, what aspects of the SeaLaunch operation did Boeing operate that would be difficult to operate, apart from the "launching at sea" set of issues?

anik · « **Reply #166 on:** 05/13/2010 05:23 pm »

Sea Launch Files Plan of Reorganization
http://www.sea-launch.com/news_releases/2010/nr_100512.html

LONG BEACH Calif., May 12, 2010 – Sea Launch Company LLC, a leading provider of launch services to the commercial satellite industry, has filed a Plan of Reorganization (the "Plan”) with the U.S. Bankruptcy Court in Delaware, in preparation for its emergence from Chapter 11. Sea Launch filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on June 22, 2009.

Pursuant to the terms of the Plan, Energia Overseas Limited (EOL) will purchase 85% of the stock in the reorganized Sea Launch in exchange for an equity investment of $140 million. EOL will also provide Sea Launch with access to a working capital facility in the amount of $200 million. EOL is a joint venture company collaborating with RSC Energia, a founding Sea Launch partner with lead responsibility as a key supplier and manager of rocket operations. The remaining 15% stake in the company will be owned by Sea Launch’s unsecured creditors.

"Submitting our Plan to the Bankruptcy Court is the result of an extraordinary effort among all of the participants in the Sea Launch partnership,” said Kjell Karlsen, president and general manager of Sea Launch. "The reorganization process has required commitment, tenacity and focus on the part of all involved. The completion of the Plan is a significant accomplishment, and brings us a step closer to returning to normal business operations so that we may continue to provide reliable launch services for our current and prospective customers.”

"This transaction constitutes not only an EOL investment, but also an operational opportunity for experienced professionals in the U.S., Russia, Ukraine, Norway and U.K. to combine their efforts in returning this unique, international business to the commercial launch market,” said an EOL spokesperson. "The significance of maintaining a competitive launch alternative for the U.S. and the international commercial satellite industry with Sea Launch should not be underestimated and we believe the satellite community will welcome these efforts.

"We understand this business, we understand the complexities and challenges and, most importantly, we know how to manage the processes. Therefore, it will be a 'win-win' combination for all parties involved. For customers, this translates into Sea Launch continuing as a reliable partner for providing best-in-class satellite launch service. Implementation of the proposed reorganization plan will result in a strong, sound and stable world-class corporation, allowing Sea Launch to offer its proven high quality and unmatched value. We look forward to fulfilling the regulatory requirements to return Sea Launch to operations.”

Jefferies & Company, Alston & Bird LLP and Chris Picone of Buccino & Associates, Inc., serve as advisors to Sea Launch. EOL is advised by Salans LLP and Avicon (UK).