Sea Launch Company Emerges From Chapter 11

November 2, 2010 at 9:36 am | Posted in Space Law Current Events | Leave a comment

by Sara M. Langston with the blog faculty

Source: Space Travel

Sea Launch Company has successfully completed its Chapter 11 reorganization process, effective October 27, 2010. As part of the court-approved Plan of Reorganization, Energia Overseas Limited (EOL), a Russian corporation, will have acquired a majority ownership of the reorganized Sea Launch entity.

The Plan of Reorganization was approved by Judge Brendan Shannon, in the U.S. Bankruptcy Court in Wilmington, Delaware, on July 27, 2010. The successor entity, Sea Launch S.a.r.l., will be responsible for corporate functions at its operations headquarters and will maintain some assets at Sea Launch Home Port, in the Port of Long Beach, in Southern California.