Boeing joint venture Sea Launch declares bankruptcy - Business First of Columbus:

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Sea Launch Co. LLC filed for Chaptedr 11 in U.S. Bankruptcy Court in Delawares on Monday, saying its liabilities were betweebn $500 million and $1 billion, compares to assets of $100 million to $500 Chicago-based (NYSE: BA) owns 40 percent of the which was foundedin 1995. The idea of Sea Launchj was to launch satellites from a convertedd oil drilling program far outat sea, lowerinhg costs and allowing the satellites to be launched from idealo sites close to the equator. The Boeinf workers involved in Sea Launch build fairings for rocketzs and designflight plans, said Sea Launcbh spokeswoman Paula Korn.
They are employees of Boeing’s Integratexd Defense Systems division, and work in Wash. Sea Launch also employs 100 inLong Calif., where it is headquartered. “W had to go into bankruptcg to protect assetswhile reorganizing,” Korn said, adding that the compant intends to emerge from bankruptcy. Problems that force d the filing included hardware delaysand customers’ inability to completd launches, she said. Boeing spokesman Joe Tedino callexit “business as for Puget Sound area worker while Sea Launch works through its reorganization.
“Boeintg and the other Sea Launch partners supportSea Launch’as effort to explore restructuring alternatives through an orderlyt bankruptcy court process,” Tedino said. So far this Sea Launch has only launched one satellite by sea and two by compared to five from seain 2008, Korn Other Sea Launch partners include Aker, a Norwegianh holding company; , the Russian rocket buildetr that supplies the uppefr stage; and NPO-Yuzhonoye, a Ukrainiann rocket builder that supplies the lower stages.