Herb, my inside info is that the ships proved incapable of maintaining a secure at-sea docking that allowed a safe ship-to-ship rocket transfer. They had to load the one vehicle on the platform in harbor and could not reload.Anyone else hear anything like that?
Ukraine inherited advanced space and missile programs from the Soviet Union, and officials initially refused to abandon the missile program to join the MTCR.175 In September 1993, Washington’s policy on MTCR membership and space launches was clarified to allow new members to retain their SLV capabilities as long as they abandoned their offensive ballistic missiles.176 The U.S. then began to offer incentives and guaranteed Ukraine a share of the space launch market based on a concrete percentage for its companies. Kiev retained its short-range Scud missiles after joining the MTCR, which the U.S. claimed did not interfere with its MTCR membership.177
snipOw, and the roughest day in a harbour is smooth sailing at sea, it would have been quite a feat if they did transfer a sat and launcher in the middle of the pacific
Airlines were operating under Ch.11 protection for a long time after 9/11. This does not necessarily mean the end for Sea Launch.
Ten years without making any profit according to Boeing 8K filings.My business would not have survived that long with similar results.
From the Chapter 11 documents filed with the court. Sea Launch has $2.02B in debt (excluding claims from pending contract terminations for default) and a couple hundred million in assets. Doing some simple math based upon performing 30 launches to date results in losing approximate $60M per launch so far for the program. Not a very good business model....A few classic quotes :"...cost structure is not in line with revenues they can generate and has resulted in operating losses.""When the Debtors' (ie. Sea Launch) liquidity worsened, to enable the Debtors' to make required cash payments due and owing to unaffiliated creditors, the Debtors stopped paying the Investors (ie. Partners) for goods and services that the Investors provided to the Debtors in connection with the Debtors' launch services."The BIG LIE gets exposed….. Sea Launch was blaming supply chain production problems and Federal preemption for lack of hardware with a year or more in launch delays for their customers. The delays were actually caused by Sea Launch when they stopped making payments to the suppliers for the launch vehicle hardware. No surprise that customers started leaving when their payments were not being used to pay/order hardware for the launch services they had purchased.
The option is to sell off all the assets, but what use do they have outside of a space launch business?
Don't assume a Chapter 7 exit. Continuation here is a function of understanding if a break even business can be constituted out of the current parts (e.g. a plan of reorganization). ...The assets are too specialized to be of use to others - they are only valuable to a "going forward" operation of exactly the same kind.