Friday, October 29, 2010

Sea Launch Exits Chapter 11, Acquired By Russian Firm

Long Beach-based Sea Launch Company, the aerospace firm which offers up an ocean-based space launch platform for rockets, said today that it has emerged from Chapter 11 bankruptcy, and is now majority owned by a Russian company, Energia Overseas Limited (EOL). Sea Launch said the acquisition was acquired by the U.S. Bankruptcy Court in Wilmington, Delaware. Sea Launch will continued to be located in Long Beach. As part of the acquisition, the firm said its president and general manager, chief financial officer, as well as several others of its senior executive management team will join the newly reorganized company. Sea Launch was previously owned by a consortium of firms headed by Boeing. Sea Launch was advised by Jeffries & Company, Alston & Bird, and Buccino & Associates in the deal. Energia Overases Limited was represented by Salans LLP and Avicon (UK).

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