Wednesday, June 24, 2009

Sealaunch goes belly up?

June 23 (Reuters) - Satellite-launch services provider Sea Launch Co along with 5 affiliates filed for Chapter 11 protection, Tuesday. In U.S. Bankruptcy Court for the District of Delaware, Sea Launch listed assets of up to $500 million and liabilities of more than $1 billion. In Sea Launch Co LLC et al, U.S. Bankruptcy Court, District of Delaware. No. 09-12153 representatives cited liquidity "concerns" and operational losses.

The Long Beach, California-based company said in the filing it intends to explore the sale of one or more of its divisions, according to Reuters.

Sea Launch, which offerred equatorial launch services on ocean-going platforms and commercial launch services from Baikonur is owned by Boeing, Energia and Norway's Aker ASA, among others.