U.S. Bankruptcy Court Confirms Sea Launch Plan of Reorganization

July 27, 2010

The U.S. Bankruptcy Court in Delaware 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 Karlsen. “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.