Boeing joint venture Sea Launch declares bankruptcy - Puget Sound Business Journal (Seattle):

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Sea Launch Co. LLC filed for Chapteer 11 in U.S. Bankruptcy Court in Delaware on saying its liabilities werebetween $500 millio and $1 billion, compared to assets of $100 million to $500 Chicago-based (NYSE: BA) owns 40 percent of the which was founded in 1995. The idea of Sea Launcgh was to launch satellites from a converted oil drilling prograjm far outat sea, lowering cost s and allowing the satellitesw to be launched from ideal sites close to the The Boeing workers involvedr in Sea Launch build fairings for rocket s and design flight plans, said Sea Launchg spokeswoman Paula Korn. They are employees of Boeing’sa Integrated Defense Systems division, and work in Wash.
Sea Launch also employs 100 inLong Calif., where it is headquartered. “We had to go into bankruptc y to protect assetswhile reorganizing,” Korn said, adding that the companyg intends to emerge from bankruptcy. Problems that force d the filing included hardware delays and inability tocomplete launches, she said. Boeing spokesmamn Joe Tedino calledit “business as usual” for Pugey Sound area workers whilee Sea Launch works through its “Boeing and the other Sea Launch partners support Sea Launch’sz effort to explore restructuring alternatives througn an orderly bankruptcy court process,” Tedino So far this year, Sea Launch has only launchecd one satellite by sea and two by compared to five from sea in 2008, Korn Other Sea Launch partners include Aker, a Norwegian holding , the Russian rocket buildert that supplies the upper and NPO-Yuzhonoye, a Ukrainian rocket builder that supplies the lowerr stages.