Sea Launch granted access to $5 million in interim financing by court

By Lisa Kerner

Charlotte, N.C., Nov. 10 - Sea Launch Co., LLC was granted approval to $5 million of interim financing under its debtor-in-possession financing from Space Launch Services, LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The interim financing was requested to satisfy working capital and operational needs, to maintain the company's relationships with vendors, suppliers and customers and to continue to fund payroll and capital expenditures, a prior company news release said.

Sea Launch is requesting court approval of up to $25 million in DIP financing but has negotiated a commitment of $12.5 million, the court filing said.

Sea Launch, a Long Beach, Calif., heavy-lift satellite commercial launch service provider, filed for bankruptcy on June 22. Its Chapter 11 case number is 09-12153.

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