LONG BEACH, Calif., July 27, 2010 – The U.S. Bankruptcy Court in Delaware today approved the Sea Launch Plan of Reorganization (the "Plan"). Sea Launch Company LLC, a leading provider of launch services to the commercial satellite industry, filed the Plan on May 10, in preparation for its emergence from Chapter 11.
Court confirmation of the Plan is the culmination of a 13-month restructuring process that was initiated when Sea Launch filed for Chapter 11 protection on June 22, 2009. The Plan will become effective following completion of U.S. regulatory review.
"Court confirmation of our Plan of Reorganization is the next step in the reorganization process for Sea Launch and brings us closer to re-entering the market as a strong and competitive commercial launch service provider," said Kjell Karlsen, president and general manager of Sea Launch. "We will continue toward emergence with a solid financial structure and a healthy manifest of future launches."
Jefferies & Company, Alston & Bird LLP and Chris Picone of Buccino & Associates, Inc., serve as advisors to Sea Launch.
About Sea Launch Company
Sea Launch Company, LLC, headquartered in Long Beach, Calif., offers the most direct and cost-effective route to geostationary orbit for heavy commercial communications satellites. For additional information, please visit the company website at www.sea-launch.com.
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Contact: Paula Korn, 562.499.4729 or 562.254.5684, paula.korn@sea-launch.com
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